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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General    LGEN   GB0005603997

LEGAL & GENERAL

(LGEN)
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Legal & General : invests £57m in UK solar portfolios

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08/29/2019 | 09:36am EDT

29 Aug 2019

Legal & General announces that it has provided £57.5 million of long-term debt financing to support Hermes Infrastructure in their recapitalisation of two solar photovoltaic ('solar PV') portfolios in England and Wales.

Demonstrating Legal & General's commitment to providing clean energy to the UK, the residential solar PV systems have a combined installed capacity of around 34.52MWp. The majority of the systems are placed on private residences, with c.10% of the portfolio located on social housing rooftops. The portfolio benefits from Feed-in-Tariffs providing a high level of cash flow visibility until maturity in 2033 and 2036. This transaction follows a number of significant investments over the past 24 months, with three in UK offshore wind including; Walney, Hornsea and Dudgeon, and a substantial solar PV debt transaction. The renewables sector continues to be a significant focus for Legal & General, and this investment further enhances its existing renewables portfolio.

Read the full press release via the link below

This is another great investment for us in the renewables sector. Renewable energy now accounts for a third of global power capacity, with wind and solar totalling 84% of new renewable generation capacity in 2018.

Tom Sumpster, Head of Infrastructure Finance, LGIM Real Assets

For further information

Disclaimer

Legal & General Group plc published this content on 29 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2019 13:35:02 UTC

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Financials (GBP)
Sales 2019 36 726 M
EBIT 2019 2 318 M
Net income 2019 2 079 M
Finance 2019 2 291 M
Yield 2019 6,73%
P/E ratio 2019 7,59x
P/E ratio 2020 7,93x
EV / Sales2019 0,36x
EV / Sales2020 0,37x
Capitalization 15 484 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 286,88  GBp
Last Close Price 260,80  GBp
Spread / Highest target 38,0%
Spread / Average Target 10,0%
Spread / Lowest Target -23,3%
EPS Revisions
Managers
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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