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Firstly, the acquisition of the Lightsource bp portfolio, which he praises for its diversity, proven management, and high levels of regulated revenues, aligning closely with the fund's objective of providing long-term, inflation-linked returns. About 80% of the revenues from this acquisition are linked to inflation, making it a potentially more attractive proposition for the fund's shareholders.
The second phase of the partnership involves selling a 50% stake to GLIL. This move is aimed at reducing the fund's short-term debt burden, which has been a challenge due to the broader market's recent struggles with higher inflation and interest rates, leading to lower public market valuations of infrastructure and renewable energy assets.
The third phase focuses on joint development of a pipeline of new assets over the next 2-5 years, leveraging the fund's strong market position and decade-long track record of high performance.
In response to potential shareholder reactions, Armstrong anticipates positive support, citing ongoing discussions with them. He says its been a "reasonably positive start" to the year after a challenging 2023.
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