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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
Anglian Water G (AWG) is one of the strongest performing water utilities in the UK, with a highly capable management team and a monopolistic position in a vast region of the country.
Regulated utilities provide GLIL with predictable, inflation-linked cashflows in perpetuity.
GLIL is well placed to increase its stake in AWG, given the ROFO rights that it now enjoys.
Acquisition of a stake in one of the largest operational windfarms in the UK.
GLIL also took the opportunity to invest in the “Clyde Extension” Project, which saw the windfarm grow from 350MW to 523MW in the summer of 2017.
GLIL have developed a strong working relationship with fellow shareholders SSE and Greencoat.
GLIL acquired this stake at an attractive price due to its ability to transact quickly and make a sizeable investment.
Working alongside Iona Capital, a specialist firm that develops, builds and operates small-scale Bioenergy Assets Iona have built out a portfolio of 9 renewable projects on behalf of GLIL.
These projects make use of agricultural waste, generating both electricity and heat in an environmentally friendly way.
These assets will produce stable, subsidy-backed cashflows for the next 20-25 years.
GLIL has partnered with SL Capital & Rock Rail to provide equity to two new fleets of rolling stock, which will operate on the Greater Anglia (GA) and South Western (SW) networks.
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 2 transactions.
GLIL, partnering with other pension fund investors together with PSP Investments, Canada’s largest pension investment manager acquired 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
GLIL acquired a 49% equity stake in the portfolio of Cubico in December 2019. Cubico has been operational for more than three years and comprises over 250 MW of wind and solar projects at 18 sites across the UK.
Cubico, which is backed by two of Canada’s largest pension funds, Ontario Teachers’ Pension Plan and PSP Investments, will provide long-term management services for the day-to-day operation of the assets.
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 and connect 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.
Smart Meter Assets (SMA) was incorporated in January 2014 and is a leading UK independent Meter Asset Provider (“MAP”), with a contracted portfolio of c. 2.1m residential smart meter;1.6m are already in use, with 0.5m under existing contractual commitments.
The portfolio also offers growth opportunities to deploy new meters with existing and new energy suppliers.
A MAP finances the procurement of smart meters before renting them to energy suppliers over a contracted period and management of the meter portfolio over its life.
Apart from enabling accurate billing, SMA’s smart meters play a role in the UK’s energy transition and net zero emissions ambitions. They have a direct positive impact on end energy consumers by improving their ability to monitor energy usage, helping them achieve energy cost savings and improving overall user experience.
In May 2021, GLIL acquired a preferred equity stake in SMA alongside Arcus Infrastructure partners (“Arcus”), who came in as an ordinary equity holder
GLIL Infrastructure has committed to invest up to £150m in Flexion Energy, the modern utility company and energy storage infrastructure specialist.
The investment will see Flexion develop, build, own and manage energy storage systems in the UK, specifically large-scale batteries connected to and servicing the electricity grid.
Energy storage underpins the switch to renewable sources of energy, serving as a critical pillar in enabling electrification to help the UK meet its net-zero carbon emissions targets. Flexion’s development of storage infrastructure will help stabilise the transition to renewable energy in the UK and provide security to the grid by reducing volatility associated with the production of renewable energy.
GLIL’s investment will enable Flexion, which has developed more than 100MW of energy storage assets to date, to construct and make operational an established pipeline of up to 300MW of grid connected battery storage systems exclusively for GLIL over the the next two years. Furthermore, Flexion, with GLIL’s support, has an objective to deliver 1GW of operational storage systems within five years.
In February 2022, GLIL acquired a majority investment in Invis Energy’s 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. GLIL took 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, Invis Energy operates 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 Galway, County Kerry, County Donegal, County Cork and County Mayo.
Invis Energy continues to operate the portfolio following the investment