Pensions Infrastructure Platform

EDF Renewables welcomes a new partner in twenty four of its UK wind farms (c.550MW) as the sale of a 49% minority stake is agreed. The cash proceeds to EDF at close for the 49% stake are £701 million.

The new partnership with Dalmore Capital Limited and Pensions Infrastructure Platform, with investment from large U.K. local authority pension schemes, will enable EDF Renewables to continue to develop further renewables energy.

EDF Renewables will continue to own a 51% share in the portfolio of wind farms. It will also continue to run the sites and to provide operations and maintenance requirements as well as asset management services.

EDF Energy will also continue to purchase all of the electricity and ROC’s generated by the wind farms on market standard terms.

The community benefit fund arrangements associated with each wind farm will remain unchanged.

Bruno Bensasson, Group Executive Vice-President in charge of Renewable Energies and Chief Executive Officer of EDF Energies Nouvelles said: “Through its CAP 2030 strategy, the EDF group aims at doubling its renewable energy generation by 2030 to contribute to energy transition. In this high growth renewables sector, such partnerships are important to allow investment in new projects such as our recent acquisition of the 450 MW Neart Na Gaoithe offshore wind farm project in the Firth of Forth. This collaboration underlines the appeal of our business to investment partners.”

Simone Rossi, CEO of EDF Energy said: “We are delighted to welcome Dalmore Capital Limited and Pensions Infrastructure Platform as key partners in the UK. This is a positive step for the UK’s low carbon ambitions and energy resilience. It helps us to continue to invest in more renewables capacity and to extend our operating expertise. With onshore wind, offshore wind and battery projects – including our newly inaugurated offshore wind farm off the Northumberland coast, and battery storage plant in Nottinghamshire – we are very pleased to play a major role in this growing part of the UK energy landscape. We look forward to working with our new partners as we contribute to the UK’s clean growth strategy.”

Alistair Ray, CIO of Dalmore Capital said: “Dalmore, on behalf of its investors, which include over 2 million U.K. pensioners, is very pleased to have led this acquisition to become a partner with EDF, a leading global utility, in this asset which makes a significant contribution to the UK’s clean energy supply. We look forward to working in partnership with EDF in delivering clean energy for the UK.”

Mike Weston, CEO of Pensions Infrastructure Platform said: “Pensions Infrastructure Platform is delighted to be making this investment on behalf of a large UK local authority pension scheme. This partnership with EDF in a significant renewable energy venture will help our investor meet its pension obligations and contribute to reducing the UK’s carbon emissions.”

PiP invests for the long-term on behalf of pension schemes and their members. It owns and manages assets capable of providing 20-30 years or more of inflation linked cash flows to help schemes meet their long-term pension payment obligations. It will continue to build on these investments to deliver a diversified portfolio of UK infrastructure assets for pension schemes and their members.

The wind farms included in the transaction are:

Onshore ROC wind farms: (22)

• Corriemoillie (47.5.MW) – Highlands, Scotland
• Longpark (38 MW) – Borders, Scotland
• Beck Burn ( 31.1 MW – Cumbria, England
• Burnfoot Hill (26 MW) – Clackmannanshire, Scotland
• Burnhead Moss (26MW) – Falkirk, Scotland
• Pearie Law ( 19.2MW) – West Lothian, Scotland
• Cemmaes (15.3MW) – Powys, Wales
• Walkway (12.6 MW) – Durham, England
• Rhodders (12.3 MW) – Clackmannanshire, Scotland
• Barmoor (12 MW) – Northumberland, England
• Llangwyryfon (9.4MW) – Ceredigion – Wales
• Park Spring (8.6MW) – Barnsley, England
• Broom Hill (8MW) – Durham, England
• Langley (8MW) – Durham, England
• Roade (7.2MW) – Northamptonshire, England
• Fairfield (6.5MW) – Cumbria, England
• Boundary Lane (6.2MW) – Durham, England
• High Hedley 2 (5.2MW) – Durham, England
• Burnfoot North (4.1MW) – Clackmannanshire, Scotland
• Great Orton (4MW) – Cumbria, England
• High Hedley 1 (2.4MW) – Durham, England
• Kirkheaton (1.8 MW) – Northumberland, England

Onshore CfD wind farm: (1)

• Dorenell ( 177 MW) – Moray, Scotland

Offshore ROC wind farm: (1)

• Teesside (62.1MW) – North Yorkshire, England

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PIP CHANGE OF ADDRESS

Please note: effective from 6 July 2018, PiP is moving offices to the below address.

Birchin Court,
20 Birchin Lane,
London,
EC3V 9DU

Should you have any queries or enquiries about our office move please don’t hesitate to contact us.

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PENSIONS INFRASTRUCTURE PLATFORM APPOINTS TONY POULTER AS NEW CHAIRMAN

The Pensions Infrastructure Platform (PiP), the investment manager developed by UK pension funds to invest in UK infrastructure, has announced that Tony Poulter has been appointed as its new Chairman.

Mr Poulter was until recently global head of Consulting at PwC and before that head of Project Finance. He is also Senior Independent Director at the Green Investment Bank and a Non-Executive Board member at the Department for Transport.

Joanne Segars, outgoing Chair, commented:

“Tony’s appointment as Chair of PiP is great news for PiP and its investors. His extensive expertise in infrastructure investment will be pivotal in leading PiP in its next stage of development.

“PiP has made huge strides since it was first conceived in 2011 – putting to work over £1bn in UK infrastructure for the benefit of UK pension scheme members, receiving FCA authorisation and employing a specialist investment team. Throughout, PiP has stayed true to its mission to be ‘by pension schemes, for pension schemes’.”

Tony Poulter, commented:

“I’m excited to be joining PiP to bring more pension fund investment into UK infrastructure. There is a huge need, we have a clear focus and the right structure in place. I am very much looking forward to working with the Board and the team to deliver more benefits through this important sector of the economy.”

Paul Trickett, Chair, Railpen Investments, (PiP Founding Investor) commented:

“Railpen is a large investor in infrastructure and for us PiP is an obvious route to infrastructure investments tailored to our needs. Tony’s appointment marks the next step in PiP’s development as it grows in scope and scale, using infrastructure investment to benefit not just pension funds but also wider society.”

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PENSIONS INFRASTRUCTURE PLATFORM COMPLETES A DEBT REFINANCING OF A FIT ACCREDITED, UK ROOFTOP SOLAR ASSETS PORTFOLIO ON BEHALF OF RPMI RAILPEN

Pensions Infrastructure Platform (PiP), a dedicated infrastructure investment manager established by pension schemes, for pension schemes to facilitate long term investment into UK infrastructure, has worked on behalf of RPMI Railpen, to provide £20.3 million of inflation linked debt capital in order to refinance a portfolio of 1911 rooftop solar assets owned by Foresight. The transaction was arranged by Novatio Capital Limited and is similar to an investment made by the PiP Multi-Strategy Infrastructure Fund earlier this year.

The rooftop assets are geographically distributed across England and Wales, with a total installed capacity of 7.15 MWp and benefitting from the UK’s feed in tariff regime. The financing is repayable over 19.5 years. Eversheds, Everoze and Marsh Limited advised PiP on the transaction.

Mike Weston, Chief Executive PiP, said:

“This is a real example of the power of the PiP platform. A UK pension scheme has been able to utilise the platform structure and expertise they helped build at PiP to access a proprietory infrastructure investment opportunity that is a great fit with their scheme specific investment strategy.”

Chris Hitchen, CEO RPMI Railpen, said:

“This debt investment will deliver exactly the secure, long term, inflation-linked cash flows that will help the railways pension schemes achieve our mission to pay members’ pensions securely, affordably and sustainably. As a Founding Investor of PiP we are delighted it has developed the capabilities to effectively source and execute transactions such as this – a key objective of our support for its original establishment.”

Novatio Capital Limited trading as The Renewable Financing Company acted as the Arranger of the Loan Facility.

Justin May, Executive Director, Novatio Capital Limited, said:

“We are delighted to have worked with PiP again. All parties in this transaction have been able to benefit from the experience gained from working together on a previous transaction we executed this summer.”

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PENSIONS INFRASTRUCTURE PLATFORM’S MULTI-STRATEGY INFRASTRUCTURE FUND COMPLETES FIRST EQUITY INVESTMENT WITH GOLDEN SQUARE ENERGY

Pensions Infrastructure Platform (PIP), a dedicated infrastructure investment manager established by pension schemes, for pension schemes, to facilitate long term investment into UK infrastructure, has reached an important milestone in its development with the first equity investment by the PiP Multi-Strategy Infrastructure Fund (MSIF).

The PiP MSIF has acquired a portfolio of 31 individual wind turbines from Golden Square Energy, the leading renewables business and joint venture partnership between Ingenious Infrastructure and AGR. The sites are well diversified across the UK and all of the turbines are operational and accredited under the UK’s feed-in-tariff (FiT) regime.

The predictable FiT revenues, combined with guaranteed availability under long-term O&M contracts, will provide investors with 20 years of inflation linked cash flows to help them meet their long-term pension obligations. MSIF will continue to build on this investment, and its previous investment grade, inflation linked debt refinancing transaction, to deliver a broadly diversified portfolio of UK infrastructure assets for its pension scheme investors.

Mike Weston, Chief Executive of PIP says: “This first equity investment for the PiP Multi-Strategy Infrastructure Fund marks another landmark in the development of PiP. We are pleased to have been able to work with the sellers, Golden Square Energy, as well as our advisor B Capital Partners, on this proprietary transaction, which provides our pension scheme investors with the secured, long-term, inflation linked cash flows they are seeking to support their accrued pension payment obligations.”

Baiju Devani, Investment Director, Golden Square Energy, says: “Golden Square Energy is delighted to have worked with PiP to complete this transaction. Ingenious Infrastructure’s joint venture with AGR, was established with the objective of developing and operating high quality renewables projects which bring value to the UK economy and our investors. Achieving endorsement from a major institutional investor such as PiP is testament to the quality of the portfolio and our commercial relationships.”

Dr. Barbara Weber, founding partner of B Capital Partners, says: “We are excited about having been able to work with PiP on this truly proprietary opportunity. PiP’s direct equity investment in this low-risk portfolio demonstrates the attractiveness to institutional investors of controlling key parameters such as holding period, leverage and contractual structures which strongly influence the risk-return level of any given investment.”

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PENSIONS INFRASTRUCTURE PLATFORM APPOINTS NEW INVESTMENT MANAGER

The Pensions Infrastructure Platform (PiP), the infrastructure business developed by pension funds for pension funds, has announced that Paul Gill will be joining the team as an Investment Manager.

Paul joins the PiP team having previously worked at Lloyds Banking Group Asset Management as an Associate Director specialising in infrastructure and energy. He will be reporting into Ed Wilson, Chief Investment Officer, and working on a mixture of debt structuring and equity investments.

Mike Weston, Chief Executive, PiP, commented: “We’re very pleased that Paul will be joining PiP. He has a wealth of experience across multiple sectors and will complement our existing skill sets. His capabilities in senior debt and bond origination, distribution, and deal restructuring will be particularly valuable.”

Paul Gill, Investment Manager, PiP, commented:
“I’m excited to be joining PiP and helping the team achieve its ambitious objectives. This year has seen significant progress for PiP and I’m certain that 2017 will continue in the same vein. I look forward to working with the investment team and embracing the challenges that lie ahead.”

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PIP APPOINTS JON BAILIE AS NON-EXECUTIVE DIRECTOR

The Pensions Infrastructure Platform (PiP) has appointed Jon Bailie as Non-Executive Director to the Board.

Jon has over thirty years of experience in the asset management industry, working across the EMEA region, in Asia and Latin America. His career has encompassed both the institutional and the wholesale segments and spanned traditional and alternative asset classes.

Previously, Jon worked at Pioneer Investments as Head of Western Europe and Latin America; AXA Investment Managers as Global Head of Distribution; and Russell Investments as a member of both their Global Executive Committee and Global Investment Committee. As well as being involved in solving strategic investment issues Jon has also led a number of initiatives to reinforce governance and processes around institutional investment activities.

Jon Bailie, Non-Executive Director, PiP, commented: “This is a great opportunity for me to be part of a truly innovative platform. As PiP is open to all UK pension schemes and has a low minimum investment hurdle it allows smaller schemes to participate, helping them achieve similar scale benefits to larger schemes. This has been an exciting year for PiP and I look forward to joining the board and helping the team achieve even more.”

Mike Weston, Chief Executive, PiP, said: “As PiP’s direct investment into UK infrastructure increases and our team continues to grow we felt it was time to expand the board. Jon’s years of experience across so many asset classes made him a perfect candidate. Having been a member of a number of boards and committees over the years and led several, Jon will be an excellent addition to the PiP Board. We are also very pleased to have Jon’s expertise in clean technology investing, building on the success of PiP’s first solar photovoltaics (PV) fund last year.”

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PENSIONS INFRASTRUCTURE PLATFORM APPOINTS TWO NEW DIRECTORS

The Pensions Infrastructure Platform (PiP), the infrastructure business developed by pension schemes for pension schemes, has announced the appointment of two new members of its growing team – Nick Cole as Investment Director and Angela Gyulveszy as Investor Relations Director.

Nick joins PiP from Aberdeen Asset Management having worked as an Investment Manager for Infrastructure Funds, active in new business development in the waste sector. He has over 12 years of experience in the infrastructure market – originating, structuring and managing both greenfield and brownfield projects across a variety of social infrastructure sectors in many different geographic locations.

Angela was previously responsible for business development, product development and marketing strategy at AXA REIM. She has a breadth of experience in alternative investments and developing client relationships and will be taking the lead in developing PiP’s fundraising efforts.

Mike Weston, Chief Executive, PiP, commented:

“We are delighted that Nick and Angela are joining PiP. The PiP Multi-Strategy Infrastructure Fund (MSIF) reached financial close on its first portfolio investment just over a month ago and with Nick and Angela on board we can continue to grow the fund and increasing our direct investment into UK infrastructure assets.”

Nick Cole, Investment Director, PiP, commented:

“I’m looking forward to joining PiP and helping the team build on the great successes they have already had this year. With so many opportunities in the infrastructure sector this is the perfect time to join an organisation like PiP which has the flexibility to invest across multiple infrastructure subsectors and at all points of the capital structure.”

Angela Gyulveszy, Investor Relations Director, PiP, commented:

“I’m keen to apply my skills at PiP and help the organisation continue to grow and develop. Given everything it has achieved so far in 2016 it is clear that PiP will be an exciting place to work – I can’t wait to join the team and get started.”

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PENSIONS INFRASTRUCTURE PLATFORM COMPLETES FIRST DEBT INVESTMENT WITH THE REFINANCING OF A FIT ACCREDITED, UK ROOFTOP SOLAR ASSETS PORTFOLIO

Pensions Infrastructure Platform (“PiP”), a dedicated infrastructure investment manager established by pension schemes for pension schemes to facilitate long-term investment into UK infrastructure, has provided £27.5 million of inflation-linked debt financing to refinance a portfolio of 2366 rooftop solar assets being arranged by Novatio Capital Limited. The rooftop assets are geographically distributed across England and Wales, with a total installed capacity of 6.71 MWp. The financing is repayable over 20 years benefitting from the UK’s feed in tariff regime.

Mike Weston, Chief Executive of PiP says: “This is the first investment for the PiP Multi-Strategy Infrastructure Fund and marks another milestone in the development of the Pensions Infrastructure Platform. We are pleased to have been able to work with Novatio Capital to structure and execute a transaction that provides our investors with the secured, long-term, inflation-linked cash flows they are seeking to support their accrued pension payment obligations.”

Novatio Capital Limited trading as The Renewable Financing Company acted as the Arranger of the Loan Facility
Justin May, Executive Director, Novatio Capital Limited
, says: “We are delighted to have worked with PiP on this important transaction for them. This is now the third solar rooftop financing we have arranged in the UK, in addition to the many ground mounted financings we have previously executed.”

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