News in brief – 21 February 2020

Legal & General (L&G) has provided £100m of long-term debt financing to its affordable housing business from its pension risk transfer business.

Secured against the income stream of a UK-wide portfolio of affordable housing, this represents L&G’s first deal to generate attractive matching-adjustment, compliant direct investments from affordable housing for its growing annuity portfolio. A further £175m of development finance is being provided by a consortium of external investors to support the delivery of its current pipeline of 3,500 homes.

Pension insurance Corporation (PIC) has provided £190m of debt funding for 21 solar parks, mainly located in southern Spain.

The investment is guaranteed by Assured Guaranty and the parks, which have the capacity to provide thousands of homes with energy, are owned by Q-Energy. Banco Sabadell and Santander acted as joint lead managers and settlement banks. The debt is fixed, amortising and matures in 2041, with a weighted average life of around 10 years. PIC has now made £700m of investments in renewable energy.

Greencoat Capital has launched a closed-ended private markets fund, Greencoat Renewable Income LP.

It has secured £277m of commitments from UK pension investors Brunel and SAUL and gives institutional investors the opportunity to invest in a diversified portfolio of UK renewable infrastructure assets. Investments are expected to focus on solar, wind and bioenergy, with selected other green infrastructure opportunities such as renewable heat.

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