Aviva Investors has provided financing to Diamond Transmission Partners for the acquisition of offshore transmission assets at Hornsea Two wind farm.
This is the third time Aviva Investors has provided debt financing to Diamond Transmission Partners – a joint venture comprising Diamond Transmission UK and HICL Infrastructure – having supported its purchase of offshore transmission operator assets at Hornsea One and Galloper wind farms in 2021 and 2020 respectively.
Sinéad Walshe, director of infrastructure debt, at Aviva Investors, said: “We are really pleased to get this investment over the line and to continue supporting investment into the UK’s offshore wind market. It is also great to extend our relationship with Diamond Transmission Partners, a market leader in the OFTO market.
“Hornsea Two is a particularly attractive investment opportunity for UK Life as it provides long-term income streams which reflect its sustainability values and ambitions, whilst also delivering stable index-linked cashflows, making it particularly attractive in the current inflationary environment.”
Marcus Mollan, director of annuity asset origination at Aviva UK Life, added: “Well over a million homes are powered by the renewable energy from Hornsea Two wind farm. Aviva’s annuity business is delighted to be financing this transaction, our most recent offshore wind investment. With investments like these, we are directing the premiums of our individual and bulk purchase annuity customers into long-term sustainable assets that will contribute to achieving both Aviva’s, and the UK’s, net zero ambitions.”
