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
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.
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”
Notes to editors
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
(As of June 2021)
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Past performance is no guarantee of future results. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021