PiP Multi-Strategy Infrastructure Fund refinances rooftop solar portfolio

Pensions Infrastructure Platform (PiP) has provided £27.5 million (US$36.1 million) of inflation-linked debt financing to refinance a portfolio of 2366 rooftop solar assets being arranged by Novatio Capital Limited.

The rooftop assets are geographically distributed across England and Wales, with a total installed capacity of 6.71 MWp. The financing is repayable over 20 years benefitting from the UK’s feed in tariff regime.

Mike Weston, Chief Executive of PiP says:

“This is the first investment for the PiP Multi-Strategy Infrastructure Fund and marks another milestone in the development of the Pensions Infrastructure Platform. We are pleased to have been able to work with Novatio Capital to structure and execute a transaction that provides our investors with the secured, long-term, inflation-linked cash flows they are seeking to support their accrued pension payment obligations.”

Novatio Capital Limited trading as The Renewable Financing Company acted as the Arranger of the Loan Facility. 
Justin May, Executive Director, Novatio Capital Limited, says:

“We are delighted to have worked with PiP on this important transaction for them. This is now the third solar rooftop financing we have arranged in the UK, in addition to the many ground mounted financings we have previously executed.”

In mid March, we reported that PiP launched the PiP Multi-Strategy Infrastructure Fund with a target size of £1 billion (US$1.45 billion). The fund will be focused on core infrastructure within the following sectors: Transportation, Renewable energy, Utilities, Communications, Housing and Social infrastructure.