The Pensions Infrastructure Platform (PiP), has reached an agreement with Trina Solar Ltd to acquire six 5MW solar farms following the successful conclusion of each farm’s construction phase.

PiP is a dedicated infrastructure investment manager established by pension schemes, for pension schemes, to facilitate long term investment into UK infrastructure.

Backed by a group of leading UK pension schemes, PiP aims to invest a minimum of £2 billion into UK infrastructure of which over £1 billion is committed already through its indirect investment programme, which includes an investment into the Thames Tideway Tunnel project.

PiP is now focused on direct investments into UK infrastructure through its Multi-Strategy Infrastructure Fund.

The initial tranche of the Trina acquisition, by the PiP Multi-Strategy Infrastructure Fund (MSIF), is for three operational solar farms grid-connected before the end of March 2016 with the remaining three farms to be completed once they become operational. The nature and location of the six assets provide a well-balanced and geographically diversified portfolio.

PiP will also look to use the scale of the current portfolio as a foundation for further, carefully targeted acquisitions of similar assets. The MSIF said it will continue to build on this, and its previous debt and equity investments, to deliver a broadly diversified portfolio of UK infrastructure assets for its pension scheme investors.

Mike Weston, Chief Executive of PiP commented:

“This is the fourth investment made by the PiP team on behalf of UK pension scheme investors in the last six months. PiP has made huge progress towards its ultimate goal of providing UK pension schemes with a better way of investing into infrastructure. Last year PiP received FCA authorisation, launched the PiP Multi-Strategy Infrastructure Fund, grew the team to eight and added three new independent directors to its Board. This gives us a great foundation for the year ahead.”

The Multi-Strategy Infrastructure Fund invests across the capital structure directly into UK infrastructure, including flood defences. The MSIF is open to all UK pension schemes and has a low minimum investment hurdle to allow smaller schemes to participate and achieve similar scale benefits as larger schemes.