Pensions Infrastructure Platform (PiP), the dedicated infrastructure investment manager set up by pensions, for pension funds, has reached an agreement to buy six 5 megawatt (MW) solar farms, once each farm has been constructed.
PiP has made the deal with Trina Solar and the farms will be part of the PiP Multi-Strategy Infrastructure Fund, with the first three operational solar farms expected to be connected to the grid by the end of March 2017. PiP said that the location and nature of the six farms gave it a balanced and geographically diversified portfolio. PiP chief executive, Mike Weston, commented: “This is the fourth investment made by the PiP team on behalf of UK pension scheme investors in the last six months. PiP has made huge progress towards its ultimate goal of providing UK pension schemes with a better way of investing into infrastructure. Last year PiP received FCA authorisation, launched the PiP Multi-Strategy Infrastructure Fund, grew the team to eight and added three new independent directors to its Board. This gives us a great foundation for the year ahead.” Ed Wilson, PiP CIO said: “We are pleased to have been able to work with Trina Solar to structure and execute a transaction that provides our investors with the long-term, inflation-linked cash flows they are seeking in order to support their accrued pension payment obligations.”