Background

In 2017, LGIM Real Assets made its debut transaction into the offshore wind sector, completing a £330 million investment into one of the world’s largest offshore wind farms, the Walney Extension located off the coast of Cumbria, England.

Solution

We acted as one of the anchor investors, providing acquisition finance to a consortium of European pension funds supporting a c. £2 billion purchase of a 50% share of the Walney Extension from Ørsted. Located in the Irish Sea and with a capacity of 660MW, the asset provides power sufficient for over 500,000 homes in the UK. The project will support up to 185 fulltime jobs annually over its estimated 25-year operational lifespan – a direct and significant social benefit facilitated by our investment.

Further investments

In 2018, LGIM Real Assets invested in two major offshore wind transactions with the completion of Hornsea Project One (1,200MW) and Dudgeon Offshore Wind (402MW). We invested £370m in Hornsea Project One, the world’s largest wind farm by capacity at completion of its construction.

Get in touch

The Real Assets Solutions team operates right across the entire LGIM Real Assets platform. With more than 100 years of combined industry experience, our 10-strong team draws on the expertise of former investors, consultants and product specialists.