LGPS infrastructure platform GLIL has bought a £1.8bn stake in the UK operational wind and solar farm portfolio of renewable energy investor Cubico Sustainable Investments.
The transaction sees GLIL acquire a 49% equity stake in the portfolio, which has been operational for more than three years and comprises over 250 MW of wind and solar projects at 18 sites across the UK.
Jonathan Ord, investment director at GLIL Infrastructure, said: “We see renewable energy assets as integral to UK power generation and a critical part of the country’s future infrastructure.
“Working with the team at Cubico and its portfolio of quality assets will help us support the growth and decarbonisation of the economy and provide the stable, long-term, inflation-linked returns that our members demand.”
GLIL was formed in 2015 with an initial £500m investment by Greater Manchester Pension Fund and the London Pensions Fund Authority.
It expanded in 2016 to include the other Northern LGPS Funds – Merseyside and West Yorkshire, as well as Lancashire Pension Fund as part of the Local Pensions Partnership.
