Legal & General provided £300m in long-term debt to support Danish pension funds PKA and PFA’s purchase of 50% of the 659MW Walney 3 offshore wind farm from Orsted.
LGIM Real Assets structured both commercial debt and export credit agency wrapped debt on the transaction on behalf of clients, including Legal & General Retirement which provided £250m.
The deal is Legal & General’s first debt investment into UK offshore wind.
LGIM Real Assets senior investment manager Charles-Henry Lecointe said: “This deal represents our first offshore wind investment for LGIM clients.
“We have a strong appetite for future investments into this sector as well as other renewable sectors, recognising the importance the offshore wind industry can have for providing clean energy and stimulating job growth in the UK.”
Image: Orsted
Legal & General backs Walney 3
£300m debt support to PKA and PFA for 50% purchase of 659MW project
By EBS