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LGIM and The National Trust deepen collaboration with renewable energy investment
LGIM completes £25 million debt investment with The National Trust, to fund renewable energy projects.
30 Jan 2024
Legal & General Investment Management (LGIM) have completed a £25 million transaction with The National Trust (the Trust), one of the UK’s largest charities and the largest conservation body in Europe1, to help fund renewable energy projects on its estates, supporting their net-zero by 2030 ambitions.
The proceeds from the transaction will be invested in the next generation of renewable energy hydro-electric and solar generation projects as a key part of the Trust achieving Net Zero across its estate by 2030.
The Trust takes an active role in mitigating climate change by reducing emissions from the use of fossil fuels, caring for the land that captures and stores carbon and advocating for policies that support this. They have a strong record of developing and delivering renewable projects, having successfully completed over 140 projects in the last 10 years.
This investment follows the launch of the Legal & General Future World ESG Developed Fossil Fuel Exclusions Index Fund (‘the Fund’), developed in collaboration with The National Trust. The Fund’s strategy aims to provide an efficient, low-cost solution to enable investors to seek to reduce their exposure to fossil fuel companies and those with high carbon emissions and reserves, facilitating the transition towards Net Zero whilst targeting long-term, sustainable returns.
LGIM has committed to work in partnership with its clients to reach net-zero greenhouse gas emissions by 2050 or sooner across all assets under management, driven by the conviction that few issues are as significant to our environment and society, and investment returns, as climate change.
Investing across the UK, US and Europe, LGIM Real Assets manages around £17 billion2 of private credit investments on behalf of institutional clients globally. Its investment capabilities extend across real estate debt, infrastructure debt, corporate debt and alternative debt.
Dabinder Hutchinson, Director of Finance, National Trust: “The National Trust is delighted to raise £25m from LGIM to fund the next phase of our hydro-electric and solar renewable generation projects. As Europe’s largest conservation charity, decarbonising our estate and transitioning to more sustainable forms of energy is hugely important for us. On top of our own ambitions, the need to achieve net zero is a worldwide concern and we hope that the development of more climate friendly investment portfolios will support others in the sector to have more options when it comes to their investment strategies.”
Steve Bolton, Head of Corporate Private Debt, Legal & General Investment Management (LGIM): “We’re delighted to strengthen our relationship with the National Trust and support them in achieving their net-zero and sustainable energy goals. LGIM and the National Trust have a long history of collaboration and this new investment is a great example of how charitable funds can be invested in a socially and economically useful way, driving positive long-term outcomes.”
References
1Charity Commission For England And Wales, Top 10 charities in England and Wales, 13 October 2023
2LGIM internal data as at 30 June 2023. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
Further information
Mat Barling
Communications Manager
Asset Management
T: +44 (0) 7860 608361
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.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.
LGIM is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.2 trillion1 ($1.5tn, €1.3tn, CHF 1.2tn). We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
1Data as at 31 December 2023. Data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.