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The content (including but not limited to all information and data) contained in this section of the website is published by GLIL Infrastructure LLP (GLIL) and is provided on GLIL’s behalf by Local Pensions Partnership Investments Ltd (LPPI), which is authorised and regulated by the Financial Conduct Authority (FCA). LPPI is a fully owned subsidiary of Local Pensions Partnership Ltd.
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GLIL invests in core infrastructure assets predominantly in the United Kingdom. The Fund is managed to achieve an investment performance at the portfolio level, net of all fees, that matches or exceeds UK CPI + 4-6% over a rolling ten-year period.
Our investments are expected to have most of the following characteristics:
Substantially backed by durable physical assets
Long life and low risk of obsolescence
Identifiable and reliable cash flows that are explicitly or implicitly inflation-linked
Returns that are largely isolated from the business cycle and competition
Returns that show limited correlation to other asset classes
For the period 01 January to 31 December 2023
What is TCFD?
The Financial Stability Board established the Taskforce on Climate-Related Financial Disclosures (TCFD) in 2015 to improve and increase reporting of climate-related financial information.
TCFD Recommendations and Recommended Disclosures, published for voluntary adoption in 2017, have progressively become part of compulsory disclosure requirements.
The Financial Conduct Authority requires firms to prepare and publish a report consistent with the TCFD Recommendations and Recommended Disclosures for our AIFM (see the Local Pensions Partnership Investments Entity TCFD Report here) as well as TCFD reports for authorised funds (TCFD product reports) by end of June each year.
Formed in November 2023, Lyceum Solar is a joint venture created by GLIL Infrastructure (91%) together with Bluefield Solar Income Fund (9%) to acquire a portfolio of solar energy assets from Lightsource bp. In January 2024, Lyceum Solar successfully acquired a portfolio comprised of 58 operational, ground-mounted UK solar PV assets with a 247MWp capacity across two sub portfolios across southern and central England: Lion King (101MW) and Kingpin (146MW).
Most of the portfolio is contracted under Feed in Tariffs (FiTs) until 2036, which provides a returns floor and reduces sensitivity to merchant power prices. These subsidies are inflation linked and generate a high cash yield.
The Lyceum portfolio has a capacity of 376MW and is supported by predominantly Feed in Tariff (FiT), Renewable Obligation Certificate (ROC) and Contract for Difference (CfD) subsidies, in addition to unsubsidised private wire and utility Power Purchase Agreement (PPA) sites.
Cornerstone is the UK’s leading mobile towers business by market share (35%), consisting of a nationwide network used by both Virgin Media O2 and Vodafone UK as anchor tenants. It is the highest density network in the UK, owning and managing more than 15,700 sites spread across both urban and rural locations.
Cornerstone is GLIL’s first investment in the digital sector, recognising the important role digital networks play in supporting economic growth and nationwide connectivity.
It was founded in 2012, as a joint venture between Vodafone and Virgin Media O2 to manage a single network of passive infrastructure for mobile sites, used by the UK`s leading wireless operators.
The M6toll is a 27 mile (43 kilometre), dual three-lane carriageway near Birmingham, UK, which functions as a congestion relief road for the toll-free M6, and nearby A5, A38, and A446 roads. The road has been operational since 2003 and is used by more than 50,000 vehicles every day.
GLIL acquired a 25% interest in the M6toll concession in January 2023.
In recent years, a number of strategic initiatives have been
undertaken to improve the road for the motorists who use it every day and have
contributed to the M6toll being named Britain’s best motorway among heavy
vehicle drivers (Roadchef, April 2022). This includes the Road Ahead capital programme, which will see
investments in digital technologies to maintain the road as a world class
tolling system, enhance the user experience, and improve time efficiencies
throughout the toll network.
In July 2022, GLIL Infrastructure acquire a stake in Hornsea 1, at the time the world’s largest operational offshore wind farm, which is located off the north-east coast of England. GLIL and its partner jointly acquired a 12.5% stake in the project as a 50:50 equity partner.
Ørsted, which constructed the offshore wind farm, has retained its 50% shareholding in the project, continuing to provide operations and maintenance services and remains as an offtaker to energy generated by the project under a Power Purchase Agreement.
In February 2022, GLIL acquired a majority investment in Rathcool, a portfolio of 11 operational onshore wind farms that provide around 11% of the Republic of Ireland’s installed wind capacity.
The investment was the first major transaction for GLIL outside of the UK, taking a significant majority equity stake in the portfolio alongside existing shareholder, the Craydel Group – the Cork-based renewable energy asset developer and operator.
Established in 2011, the portfolio is currently operating 453 MW of installed wind capacity and, in its lifetime, has generated enough electricity to power 350,000 homes and prevented 480,000 tonnes of CO2 emissions per year, compared to non-renewable energy generation. The portfolio benefits from long-term offtake arrangements in place through Ireland’s renewable energy support schemes, REFIT and RESS, and corporate PPAs.
The windfarms are in County Clare, County Cork, County Galway, County Kerry and County Mayo.
GLIL acquired a 30% equity stake in Agility Trains East (ATE), a rolling stock fleet of 65 new intercity trains, from Hitachi Rail Limited, on the UK’s East Coast Main Line. ATE was established in partnership with the Department for Transport to develop the Intercity Express Programme, an initiative to replace the country’s fleet of intercity-class trains with a new reliable and efficient fleet.
The electric and bi-modal Hitachi Class 800/801 Intercity Express trains have been fully delivered and currently operate out of London Kings Cross connecting with cities across the North of England and Scotland, including Bradford, Leeds, Hull, Newcastle, Edinburgh, Glasgow, Inverness and Aberdeen. The fleet is supported by a long-term maintenance agreement with Hitachi and is backed by a 27.5-year guarantee period with the UK Department for Transport.
In December 2019, GLIL acquired a 49% equity stake in the portfolio of Cubico Sustainable Investments, which has been operational since 2015 and is one of the
world’s leading independent renewable power providers with assets held across Europe, Australia and the Americas.
The wind assets have a combined installed capacity of 103MW and the solar photovoltaic assets have a combined installed capacity of 150MW, taking total installed capacity to 253MW across the portfolio.
The UK portfolio comprises six onshore wind assets and five solar photovoltaic assets operated under the Renewable Obligation regime, and seven solar photovoltaic assets operated under the Feed-in-Tariffs regime. All 18 assets are operational and are located within the UK.
Cubico, which is backed by two of Canada’s largest pension funds, provides long-term management services for the day-to-day operation of the assets.
GLIL partnered with other pension fund investors to acquire a significant equity stake in Forth Ports.
Forth Ports is one of the UK’s largest port groups with a diverse operational and port-centric logistic business model across Tilbury in the south east of England and several Scottish ports.
Semperian is a large-scale, high-quality PPP/PFI portfolio with 92 assets.
A well-diversified portfolio across healthcare, education, accommodation, transport, community health, prisons, and utilities.
The portfolio is yield-generating with long-term inflation linked cash flows. All assets are operational and mostly availability based, with strong pipeline and growth profile.
In February 2018, GLIL Infrastructure acquired a 7.5% stake in Anglian Water Group Limited (AWG, or the Group). The licensed entity, Anglian Water Services Limited
(AWS), provides water and wastewater services to more than six million customers in the East of England.
AWG is the largest water and sewerage company in England and Wales by geographic area, and the fourth largest water company in the UK as measured by Regulatory Capital Value (RCV).
GLIL provides equity for the new fleet of rolling stock operating on the South Western Rail's network.
With focused investment on high-quality core fleets that serve economically resilient regions and the opportunity to deploy further capital into the UK rail sector following the successful completion of the transactions with Rock Rail South West and Rock Rail East Anglia.
Following the successful close of the East Anglia transaction in 2016, GLIL and Rock Rail once again collaborated to provide equity finance for the manufacture of a fleet of 75 trains comprising 750 vehicles to be operated on the South Western franchise. Since financial close on 19 June 2017, the all-electric fleet consists of 60, 10-car intercity trains and 15 five-car inner-suburban trains, all provided by Alstom (formerly Bombardier) from their Derby factory.
GLIL provides equity for the new fleet of rolling stock operating on the Greater Anglia's network.
With focused investment on high-quality core fleets that serve economically resilient regions and the opportunity to deploy further capital into the UK rail sector following the successful completion of the transactions with Rock Rail East Anglia and Rock Rail South West.
On 4 October 2016, GLIL and another party reached financial close, alongside Rock Rail, to provide equity finance for the manufacture of a fleet of 58 trains comprising 378 vehicles to be operated on the East Anglia franchise. The fleet is a mix of 20 electric multiple units and 38 bi-mode units (which can operate using overhead lines or diesel generators) and is provided by Stadler Rail AG (Stadler). The fleet was delivered throughout the second half of 2019.
GLIL Infrastructure acquisition of a stake in one of the largest operational wind farms in the UK situated in Abington, South Lanarkshire. At the time of the original GLIL transaction, the site comprised of an operational fleet of 152 Siemens 2.3MW turbines and a further 54 Siemens 3.2MW turbines have been added since.
GLIL also took the opportunity to invest in the “Clyde Extension” Project, which saw the wind farm grow from 350MW to 522MW in the summer of 2017, developing strong working relationships with fellow shareholders.
GLIL acquired this stake at an attractive price due to its ability to transact quickly and make a sizeable investment.