Legal & General provides long-term financing to Northern Irish gas network
LGIM Real Assets (“LGIM RA”) is pleased to announce that it has invested, on behalf of its client Legal & General Retirement Institutional (LGRI), c.£200 million in West Transmission Financing plc, a subsidiary of Mutual Energy, to support the development of a new gas transmission pipeline in Northern Ireland.
This much needed 80km extension to the existing gas network in Northern Ireland will mainly run below ground from Portadown to (near) Enniskillen. Once complete the new pipeline, which will be operated by Mutual Energy subsidiary West Transmission Ltd, will provide gas to c.40,000 residents and numerous businesses in eight towns that have historically relied on oil and coal.
Hayley Rees, Head of Direct Investments at Legal & General Retirement Institutional:"We are pleased to be able to make this genuinely impactful investment, creating positive outcomes for people in Northern Ireland. Legal & General Retirement Institutional (LGRI) aims to make investments in real assets which are consistent with our social purpose and both boost the local economies and secure the payments to our pension holders."
Further information
Harriet de Beaufort-Suchlick
Head of External Communications, Institutional Retirement
Notes to editors
Established in 1836, L&G 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 FY25) of which c. 43% (c. £0.5 trillion) is international. We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.