Legal & General Investment Management’s real asset division has agreed to provide a £48m (€54.7m) loan to support Fiera Infrastructure’s UK solar portfolio investment.

LGIM Real Assets said it is financing the Canadian infrastructure investment management firm’s investment into a fully operational solar photovoltaic technology portfolio consisting of more than 13,250 residential and commercial rooftop systems.

This transaction marks Fiera Infrastructure’s first sole investment in the UK and the first staple financing solution for LGIM Real Assets infrastructure platform. A staple financing is a pre-arranged financing deal offered for an acquisition.

Tom Sumpster, the head of infrastructure debt at LGIM Real Assets, said: “We are delighted to have closed our first staple financing in the infrastructure sector and to have supported Fiera in their UK expansion. The investment from Fiera signals the strength of UK renewables as an investment proposition to international Infrastructure investors.

“This sector continues to be a significant focus for LGIM Real Assets and this transaction provides a stable investment grade income stream for our clients. We look forward to supporting Fiera on future opportunities.”