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”
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 £1.29 trillion1 ($1.57tn) in
assets, 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 billion2 ($43.8bn) 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
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.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
For professional clients only. Past performance is not a guide to the future. 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. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also 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. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023