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

15 March 2021 1 minute read

 

(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.”

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Important information

The information and opinions contained in this document are for use by the financial press and media only. No reliance may be placed for any purpose on the information or opinions contained in this document nor should they be seen as advice. 

The press release is provided on the basis that Aviva Investors Global Services Limited is not causing the communication of a financial promotion under exemption of the Financial Promotion Order, as Aviva Investors Global Services Limited has no control over the way in which an article based on this press release is prepared and published by the financial press and media. 

Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at 11 April 2022. Unless stated otherwise any views and opinions expressed 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. 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. 

Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: 80 Fenchurch Street, London, EC3M 4AE. Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £268 billion in assets under management as at 31 December 2021.

Aviva PLC

We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in Singapore, China and India.

  • We help our 18.5 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2021, we paid £30.2 billion in claims and benefits to our customers.
  • Aviva is a market leader in sustainability. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030.  Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
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  • At 31 December 2021, total Group assets under management at Aviva Group are £401 billion and our Solvency II shareholder capital surplus is £13.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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Aviva Investors Global Services Limited
80 Fenchurch Street, London, EC3M 4AE

Phone     +44 (0)20 7809 6000

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Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office: 80 Fenchurch Street, London, EC3M 4AE. Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.

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