Phoenix Group today announced that it has completed a multi-million pound private placement with Anglian Water. Europe’s largest consolidator of heritage funds has provided £50 million funding to Anglian Water’s Green project initiatives. Under the terms of the deal, Anglian will draw down the debt finance in 2020, using the proceeds to finance new, or re-finance existing, projects that:

•  help mitigate climate change impacts and the conservation of water resources, through Source – to- Tap catchment-scale solutions; for example by working with local farmers at Alton, Anglian Water is able to improve the quality of water at the Water Treatment Works, such that Algae blooms are reduced therefore reducing the need for physical screens; and
• help reduce the long term impacts of climate change, such as the risk of flooding; for example Breezehill in Northampton is increasingly at risk of flooding, and by using geo-cellular rather than concrete tanks Anglian Water will significantly reduce the Carbon used, and reduce the risk of flooding disruption.

The transaction, which is inflation-linked provides regular, stable and long term cash flows to match Phoenix’s annuity liabilities.

Jane Pilcher, Group Treasurer for Anglian Water, said: “Sustainability is simply how we do business, all day, every day.
This funding provides returns for life and pension funds for people in the UK, and will enable Anglian Water to address the three-fold challenges of water scarcity, climate change and environmental protection in the face of a growing population, but it also represents the pinnacle in responsible financing – proving sustainable business is just good business sense.”

Scott Robertson, Head of Financial Management at Phoenix Group said,
“This deal demonstrates Phoenix’s strategic commitment to private investments providing secure long-term cash flows for our pension liabilities. Phoenix is especially pleased with this opportunity to provide long-term financing to Anglian to support their investment in Green initiatives. Our strategic partner Aberdeen Standard Investments has supported us in negotiating and executing this transaction”.

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Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Darcy Lillie
Media Relations Consultant
Phoenix Group
020 3735 0102 / 07814 773 280
darcy.lillie@thephoenixgroup.com

 Notes to editors

Phoenix Group is a European life consolidator, specialising in the acquisition and management of closed life insurance and pension funds – known as heritage books. Phoenix is the largest consolidator of heritage life insurance books in Europe but also runs an open book underpinned by a strategic partnership with Standard Life Aberdeen. The Group is a member of the FTSE 250 index, and has over 10.4 million policyholders and £240 billion of assets under management – including the recently acquired Standard Life Assurance business. With operations in the United Kingdom, Ireland and Germany, the Group has five operating life companies which hold policyholder assets, and a distribution business, SunLife Limited.