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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
Lyceum is a portfolio comprised of 58 operating solar PV assets with a 247MWp capacity across two sub portfolios across southern and central England.
Most of the portfolio is contracted under Feed in Tariffs (FiTs) until 2036, which provides a returns floor and reduces sensitivity to merchant power prices. These subsidies are inflation linked and generate a high cash yield.
The 247MW assets include 183MW backed by Feed in Tariff (FIT) subsidies, 15MW by Renewable Obligation Certificates (ROCs) and two subsidy-free projects with a total capacity of 48MW.
Cornerstone is the UK’s largest mobile towers business, consisting of a nationwide network used by both Virgin Media O2 and Vodafone UK as anchor tenants. It is the highest density network in the UK, owning and managing an estate of around 20,000 sites spread across both urban and rural locations.
Cornerstone is GLIL’s first investment in the digital sector, recognising the important role digital networks play in supporting economic growth and nationwide connectivity.
It was founded in 2012, as a joint venture between Vodafone and Virgin Media O2 to manage a single network of passive infrastructure for mobile sites, used by the UK`s leading wireless operators.
The M6toll is a 27 mile (43 kilometre), dual three-lane carriageway near Birmingham, UK, which functions as a congestion relief road for the toll-free M6, and nearby A5, A38, and A446 roads. GLIL acquired a 25% interest in the M6toll concessionaire in January 2023.
In recent years, a number of strategic initiatives have been undertaken to improve the road for the motorists who use it every day and have contributed to the M6toll being named Britain’s best motorway among heavy vehicle drivers. This includes the Road Ahead capital programme, which will see investments in digital technologies to maintain the road as a world class tolling system, enhance the user experience, and improve time efficiencies throughout the toll network.
The M6toll is committed to being a leader in Environmental, Social, and Governance (ESG) matters and has already realised material reductions in carbon emissions, operational safety improvements, and meaningful community engagement.
In July 2022, GLIL Infrastructure acquire a stake in Hornsea 1, at the time the world’s largest operational offshore wind farm, which is located off the north-east coast of England. GLIL and its partner jointly acquired a 12.5% stake in the project as a 50:50 equity partner. Ørsted, which constructed the offshore wind farm, has retained its 50% shareholding in the project, continuing to provide operations and maintenance services and remains as an offtaker to energy generated by the project under a Power Purchase Agreement.
In February 2022, GLIL acquired a majority investment in Rathcool, a 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, taking 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, the portfolio is currently operating 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 Clare, County Cork, County Galway, County Kerry and County Mayo.
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.
Smart Meter Assets (SMA) was incorporated in January 2014 and is a leading UK independent Meter Asset Provider (“MAP”), with a contracted portfolio of more than 2.1 million residential smart meters; 1.6 million are already in use, with half a million 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 customer experience.
In May 2021, GLIL acquired a preferred equity stake in SMA.
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 connecting 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.
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, will provide long-term management services for the day-to-day operation of the assets.
GLIL partnered with other pension fund investors to acquire 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.
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 provides equity for the new fleet of rolling stock operating on the South Western Rail's network.
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 the transactions with Rock Rail South West and Rock Rail East Anglia.
Following the successful close of the East Anglia transaction in 2016, GLIL and Rock Rail once again collaborated to provide equity finance for the manufacture of a fleet of 75 trains comprising 750 vehicles to be operated on the South Western franchise. Since financial close on 19 June 2017, the all-electric fleet consists of 60, 10-car intercity trains and 15 five-car inner-suburban trains, all provided by Alstom (formerly Bombardier) from their Derby factory.
GLIL provides equity for the new fleet of rolling stock operating on the Greater Anglia's network.
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 the transactions with Rock Rail East Anglia and Rock Rail South West.
On 4 October 2016, GLIL and another party reached financial close, alongside Rock Rail, to provide equity finance for the manufacture of a fleet of 58 trains comprising 378 vehicles to
be operated on the East Anglia franchise. The fleet is a mix of 20 electric multiple units and 38 bi-mode units (which can operate using overhead lines or diesel generators) and is
provided by Stadler Rail AG (Stadler). The fleet was delivered throughout the second half of 2019.
Acquisition of a stake in one of the largest operational wind farms in the UK.
GLIL also took the opportunity to invest in the “Clyde Extension” Project, which saw the wind farm grow from 350MW to 523MW in the summer of 2017, developing strong working relationships with fellow shareholders.
GLIL acquired this stake at an attractive price due to its ability to transact quickly and make a sizeable investment.