Aviva Investors provides financing towards acquisition of Hornsea One Windfarm offshore transmission assets

 

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has announced it has provided financing to Diamond Transmission Partners for the purchase of offshore transmission operator (“OFTO”) assets at Hornsea One, the world’s biggest offshore wind farm.

Windfarm

The transaction was carried out on behalf of Aviva UK Life’s annuity business and further extends Aviva Investors’ commitment to the Hornsea One project, with the business having originally provided £400 million of financing in 2018 to help fund its construction.

Hornsea One, owned by Ørsted Wind Power A/S and Global Infrastructure Partners (‘GIP’), is a 1.2GW asset located off the East Coast of England. Consisting of 174 Siemens 7MW wind turbine generators, it was the first wind farm to have more than 1GW of capacity and produces enough energy to power over one million UK homes.

Hornsea One OFTO builds on the strong partnership Aviva Investors has built with Diamond Transmission Partners in 2020 when Aviva Investors also contributed funding towards the purchase of OFTO systems at Galloper

Wind Farm, that sits 27km off the coast of Suffolk and which generates enough electricity to power more than 380,000 UK homes.

As part of its commitment to a sustainable economy and decarbonising its portfolio of assets, Aviva Investors recently published an ambitious net zero pathway for its £47.3 billion Real Assets business, which includes the interim goals of investing £2.5 billion in low-carbon and renewable energy infrastructure and increasing low-carbon and renewable energy generation capacity to 1.5GW by 2025.

Sinéad Walshe, Director, Infrastructure Debt at Aviva Investors, said:

“Hornsea One is a seminal asset in the delivery of renewable energy and carbon efficiencies within the UK. We are delighted to be able to further our backing and involvement in this flagship project, reflecting our desire for infrastructure projects that can meet client investment objectives whilst also having a positive ESG impact, as we continue to decarbonise our portfolio of assets.”

Marcus Mollan, Director, Annuity Asset Origination at Aviva, added:

“We are pleased to extend Aviva’s backing of renewable energy projects across the country and support the UK Government’s wider commitment to becoming a net zero carbon economy.  Tackling the climate crisis is an issue we take very seriously, having recently become the first major insurer to set out the demanding target of achieving net zero carbon emissions by 2040. Not only will this investment provide long-term cashflows to match our liabilities, it will also have a positive impact at a community level by providing a significant number of UK homes with clean, renewable energy.”

For more information contact:

A picture of James Morgan

James Morgan

Media Relations Manager

A picture of Steve Ainger

Steve Ainger

Head of Media Relations

Important information

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (AIGSL). Unless stated otherwise any views and opinions are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. Information contained herein has been obtained from sources believed to be reliable but has not been independently verified by Aviva Investors and is not guaranteed to be accurate. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. Nothing in this material, including any references to specific securities, assets classes and financial markets is intended to or should be construed as advice or recommendations of any nature. Some data shown are hypothetical or projected and may not come to pass as stated due to changes in market conditions and are not guarantees of future outcomes. This material is not a recommendation to sell or purchase any investment.

In Europe this document is issued by Aviva Investors Luxembourg S.A. Registered Office: 2 rue du Fort Bourbon, 1st Floor, 1249 Luxembourg. Supervised by Commission de Surveillance du Secteur Financier. An Aviva company. In the UK Issued by Aviva Investors Global Services Limited. Registered in England No. 1151805.  Registered Office: St Helens, 1 Undershaft, London EC3P 3DQ.  Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119178.

In Singapore, this material is being circulated by way of an arrangement with Aviva Investors Asia Pte. Limited (AIAPL) for distribution to institutional investors only. Please note that AIAPL does not provide any independent research or analysis in the substance or preparation of this material. Recipients of this material are to contact AIAPL in respect of any matters arising from, or in connection with, this material.  AIAPL, a company incorporated under the laws of Singapore with registration number 200813519W, holds a valid Capital Markets Services Licence to carry out fund management activities issued under the Securities and Futures Act (Singapore Statute Cap. 289) and Asian Exempt Financial Adviser for the purposes of the Financial Advisers Act (Singapore Statute Cap.110). Registered Office: 1Raffles Quay, #27-13 South Tower, Singapore 048583. In Australia, this material is being circulated by way of an arrangement with Aviva Investors Pacific Pty Ltd (AIPPL) for distribution to wholesale investors only. Please note that AIPPL does not provide any independent research or analysis in the substance or preparation of this material. Recipients of this material are to contact AIPPL in respect of any matters arising from, or in connection with, this material. AIPPL, a company incorporated under the laws of Australia with Australian Business No. 87 153 200 278 and Australian Company No. 153 200 278, holds an Australian Financial Services License (AFSL 411458) issued by the Australian Securities and Investments Commission. Business Address: Level 30, Collins Place, 35 Collins Street, Melbourne, Vic 3000, Australia.

The name “Aviva Investors” as used in this material refers to the global organization of affiliated asset management businesses operating under the Aviva Investors name. Each Aviva investors’ affiliate is a subsidiary of Aviva plc, a publicly- traded multi-national financial services company headquartered in the United Kingdom. Aviva Investors Canada, Inc. (“AIC”) is located in Toronto and is registered with the Ontario Securities Commission (“OSC”) as a Portfolio Manager, an Exempt Market Dealer, and a Commodity Trading Manager. Aviva Investors Americas LLC is a federally registered investment advisor with the U.S. Securities and Exchange Commission. Aviva Investors Americas is also a commodity trading advisor (“CTA”) registered with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).  AIA’s Form ADV Part 2A, which provides background information about the firm and its business practices, is available upon written request to: Compliance Department, 225 West Wacker Drive, Suite 2250, Chicago, IL 60606.

Latest infrastructure finance news