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UK asset manager Legal & General provides £57M to rooftop solar projects

U.K.-based asset manager Legal & General Capital is lending £57 million to refinance two rooftop solar portfolios in England and Wales.

The long-term debt financing will support Hermes Infrastructure in the recapitalization of the two portfolios, which have a total capacity of 34.52 MW.

Legal & General said in an Aug. 29 release that the systems are fitted on 9,000 private residences, though 10% of the portfolio is on social housing rooftops.

The portfolio benefits from the U.K. feed-in tariff, providing a high level of cash flow visibility until maturity in 2033 and 2036.