Legal & General has provided £57.5 million of long-term debt financing to support Hermes Infrastructure in recapitalising two solar photovoltaic portfolios in England and Wales. The two portfolios consist of fully operational solar PV systems installed on the roofs of more than 9,000 homes. The solar PV systems have a combined installed capacity of around 34.52MWp.
Legal & General provided the financing to support GIM Real Assets, on behalf of clients including Legal & General Retirement Institutional. As well as the systems on private residences around 10% of the portfolio is on social housing rooftops. The portfolio has feed-in-tariffs providing cash flow visibility until maturity in 2033 and 2036.
Nigel Wilson, chief executive of Legal & General, said; “Across the Legal & General group, we have taken many actions in support of the environment: by controlling what we do directly, investing in renewables and new science to support de-carbonisation, and by using our investment scale and strength to encourage others to follow suit.”