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PiP acquires six solar farms

16 February 2017

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Pensions Infrastructure Platform (PiP) is acquiring six solar farms from Trina Solar Limited, as part of its ongoing investment in UK infrastructure.

The PiP Multi-Strategy Infrastructure Fund (MSIF) will acquire each farm once construction is completed.

Of the six, three operational solar farms make up the initial tranche, with deals on the remaining three farms to be completed once they become operational.

PiP says the locations of the farms means the new portfolio is well-balanced and geographically diversified.

PiP's remit is to facilitate long-term investment in UK infrastructure for pension schemes, and it says the scale of this portfolio will act as a foundation for acquisitions of similar assets in the future.

Mike Weston, PiP chief executive, says: "This is the fourth investment we've made on behalf of UK pension scheme investors in the last six months.

"We have made huge progress towards our goal of providing UK pension schemes with a better way of investing into infrastructure."

PiP has gone from strength to strength since it launched its infrastructure fund (PFi, 11 March, 2016).
Last year, it received FCA authorisation, launched the Fund, as well as expanding its team and adding three new independent directors to its board.

Weston says this has given the organisation "a great foundation" for the year ahead.

The acquisition of the six solar farms means investors will benefit from 20 years of inflation linked cash flows, which will help them meet long-term pension obligations.

MSIF will continue to build on this, and its previous debt and equity investments, to deliver a diversified portfolio of UK infrastructure assets for its pension scheme investors.

Weston added: "We are pleased to have been able to work with Trina Solar to structure and execute a transaction that provides our investors with the long term, inflation linked cash flows they are seeking."

First published 16.02.2017

Lindsay.sharman@wilmingtonplc.com