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First is the acquisition of the Lightsource BP Portfolio. He praised its diversity, proven management and high level of regulated income, which is closely aligned with the fund's objective of providing long-term inflation-linked returns. Approximately 80% of the proceeds from this acquisition are inflation-related, making it a potentially more attractive proposition for the fund's shareholders.
The second phase of the partnership will involve the sale of a 50% stake to GLIL. The move is aimed at reducing the fund's short-term debt burden, as recent struggles across markets against inflation and rising interest rates have led to lower public market valuations of infrastructure and renewable energy assets. This burden has become an issue.
The third phase will focus on jointly developing a pipeline of new assets over the next two to five years, leveraging the Fund's strong market position and 10-year track record of strong performance.
In response to potential shareholder reaction, Mr. Armstrong cited continued consultation with shareholders and expects active support. After a difficult 2023, he says this year has been a “pretty positive start”.
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