Press release

Legal & General invests £57m in UK solar portfolios

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


Press release (PDF 132KB)
Photo of solar panel attached in house roof

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."

Further information

Harriet de Beaufort-Suchlick

Harriet de Beaufort-Suchlick

Head of Corporate Communications

Private Markets, Asset Management

Notes to editors