Legal & General announces that it has provided £57.5 million of long-term debt financing to support Hermes Infrastructure in their recapitalisation of two solar photovoltaic (“solar PV”) portfolios in England and Wales.
29 Aug 2019
Demonstrating Legal & General’s commitment to providing clean energy to the UK, the residential solar PV systems have a combined installed capacity of around 34.52MWp. The majority of the systems are placed on private residences, with c.10% of the portfolio located on social housing rooftops. The portfolio benefits from Feed-in-Tariffs providing a high level of cash flow visibility until maturity in 2033 and 2036. This transaction follows a number of significant investments over the past 24 months, with three in UK offshore wind including; Walney, Hornsea and Dudgeon, and a substantial solar PV debt transaction. The renewables sector continues to be a significant focus for Legal & General, and this investment further enhances its existing renewables portfolio.
Tom Sumpster, Head of Infrastructure Finance, LGIM Real Assets: "This is another great investment for us in the renewables sector. Renewable energy now accounts for a third of global power capacity, with wind and solar totalling 84% of new renewable generation capacity in 2018."