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Lyceum Solar wins at the IJInvestor Awards 2024
28 November 2024
We won!
GLIL Infrastructure and Bluefield Solar Income Fund (BSIF) are the proud winners of the Joint Venture Acquisition of the Year award at the IJInvestor Awards 2024 held last night at The Savoy, London.
We believe this was a landmark transaction for the industry, due to its multi-staged and multi-faceted nature. The transaction required investment and collaboration across the breadth of the two distinct businesses, a listed fund and a pension fund backed private vehicle, both of which are uniquely but complementarily positioned by the UK’s push toward net zero. This can be evidenced by the scale and density of Phase 1 of the transaction, which blended the acquisition of an operational portfolio with new-build construction.
The transaction was inclusive of 58 separate sites of largely Feed-In-Tariff assets, all of which had to be diligenced and evaluated amid market volatility. Phase 2 saw the sale of 50% of a portfolio of BSIF’s Renewable Obligation Scheme assets into the Joint Venture. Phase 3, which is underway, is the construction of a diverse portfolio of solar and battery assets, in part supported by the Contract for Difference support mechanism.
The result is the creation of one of the largest, and diverse, solar and battery portfolios in the UK. The joint venture is already a major operator in the UK solar market and has the potential to be one of the most important strategic players in the industry as the UK seeks to reach net zero by 2030.
For GLIL, the joint venture has allowed the fund to use capital to acquire a significant portfolio of high quality operational solar assets for the benefit of its members as well as being able to participate in future development work with one of the most experienced operators in the UK market.
For BSIF, the joint venture has enabled the company to maximise the value of its development pipeline, build out a new vehicle in Lyceum Solar, whilst finding an investor in GLIL that shares the same long-term commitment to the decarbonisation of the UK energy markets.
This partnership offers enormous benefits for the UK’s renewable energy ambitions. By working together as proactive partners, GLIL and BSIF can drive construction into solar energy in ways that would not otherwise have been possible.
CONTACT
Issued on behalf of GLIL Infrastructure by Citypress
For more information, contact:
Jamie Williamson (+44 (0) 131 516 5551) or email Citypress at LPPI@citypress.co.uk for more information.
About GLIL Infrastructure
GLIL is a partnership of UK pension funds which invests in Britain’s future – creating jobs, supporting communities and helping to power the economy. It is a proven investor, with a fund specially designed to help pension fund members tap into the stable, inflation-linked returns that infrastructure investment offers. GLIL manages £4.1 billion of committed capital, with more than £3.2 billion (as of 31 December 2024) deployed into a growing portfolio of infrastructure assets spanning renewable energy, utilities, ports, logistics, trains, hospitals and schools.
It invests on behalf of pension funds and pools including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, the government-established DC workplace pension provider. For more information on GLIL, including its history, investment committee and investment portfolio, please visit www.glil.co.uk.
Please note:
This press release has been prepared to inform the external media of information regarding GLIL Infrastructure LLP (GLIL) and its Authorised Investment Fund Manager, Local Pensions Partnership Investments Ltd (LPPI) only. GLIL is categorised as an “alternative investment f und” within the meaning of the AIFMD and is an unauthorised AIF as defined in the FCA rules.
LPPI is authorised and regulated by the Financial Conduct Authority.
This press release does not provide advice on legal, taxation or investment matters and should not be relied upon for any such or other purposes.
This press release may contain ‘forward -looking statements’ with respect to certain plans and current goals and expectations relating to GLIL’s future financial condition, performance results, strategic initiatives and objectives. By their nature, all forward-looking statements are inherently predictive and speculative and involve known and unknown risk and uncertainty because they relate to future events and circumstances which are beyond GLIL’s control. Any projections or opinions expressed are current as of the date hereof only.
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