Press release

Legal & General provides staple financing for UK solar portfolio

LGIM Real Assets (Legal & General) is pleased to announce that it has provided a £48m senior financing to support Fiera Infrastructure Inc. (Fiera Infrastructure), a leading Canadian infrastructure investment management firm, on their investment into a fully operational Solar photovoltaic (PV) technology portfolio consisting of more than 13,250 residential and commercial rooftop systems.

18 Jun 2018

Press release (PDF 99KB)

This transaction marks Fiera Infrastructure’s first sole investment in the UK and the first staple financing solution for LGIM Real Assets Infrastructure platform. Located across England and Wales, the residential and commercial rooftop and ground mounted solar PV systems are operational and have a combined capacity of around 41MWp. The portfolio benefits from a 20-year Feed-in Tariff backed by UK government, providing stable cash flow visibility. The initial Legal & General financing package was provided to bidders as part of the vendor sales process in the form of a staple financing offer.

This investment further enhances Legal & General’s existing renewables portfolio and flexibility in providing competitive funding packages. The Fiera Infrastructure solar debt transaction demonstrates the ambitions for continued growth in the renewables space as part of Legal & General’s wider approach to real asset investments.

About Fiera Infrastructure

Fiera Infrastructure is an investment firm specialising in global mid-market infrastructure investments with offices in Toronto and London. It operates as a subsidiary of Fiera Capital Corporation (TSX: FSZ), a leading independent asset management firm with an AUM of more than CAD $131 billion. Fiera Infrastructure currently has over CAD $1 billion in assets under management through its various investment platforms. Fiera Infrastructure aims to assemble a portfolio of global mid-market assets across all subsectors of the infrastructure asset class in its EagleCrest Infrastructure fund.

www.fierainfrastructure.com

Tom Sumpster, Head of Infrastructure Debt at LGIM Real Assets, said: “We are delighted to have closed our first staple financing in the infrastructure sector and to have supported Fiera in their UK expansion. The investment from Fiera signals the strength of UK renewables as an investment proposition to international Infrastructure investors. This sector continues to be a significant focus for LGIM Real Assets and this transaction provides a stable investment grade income stream for our clients. We look forward to supporting Fiera on future opportunities”

Harriet de Beaufort-Suchlick

Head of Corporate Communications

Private Markets, Asset Management

T: +44 (0)7717 533 079Email Harriet de Beaufort-Suchlick

Notes to editors

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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