MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), facilitated a $130 million investment, including $74 million on behalf of unaffiliated clients, in the senior secured private placement financing of Brookfield Renewable Partners’ (”Brookfield”) Sidney A. Murray, Jr. Hydroelectric facility in Louisiana.
The Sidney A. Murray, Jr. Hydroelectric facility is a 192 megawatt run-of-river station located adjacent to the Mississippi River in Concordia Parish, Louisiana. It was developed in 1990 through the Catalyst Old River Hydroelectric Partnership, a partnership program with the Town of Vidalia, a local municipality.
The facility is one of the leading sustainable assets in Louisiana, providing renewable electricity generation through hydropower in a region of relatively high carbon intensity. It is also part of the Old River Control Complex, a collection of four structures operated to better manage flooding in the region.
The $130 million investment, part of a larger $560 million private placement financing executed by Brookfield, was facilitated by MIM’s Infrastructure team and funded by MetLife and six unaffiliated clients. The proceeds support Brookfield’s ownership of the facility as a global leader of renewable power with strong ESG principles and practices.
John Tanyeri, MetLife Investment Management’s global head of Infrastructure, said: “Given the volatile backdrop this year as a result of the pandemic, our ability to deliver execution certainty amidst challenging markets remains critically important to our clients and to our issuers and sponsors, such as Brookfield. This investment is perfectly aligned with our long-term focus on and commitment to environmental sustainability.”
MIM’s Infrastructure platform is part of the firm’s Private Capital group. MIM’s Private Capital team, which comprises private placements, infrastructure and structured credit, is active across a wide range of industry sectors, including general industrial, healthcare, professional services, retail, utilities, electric transmission, renewable power, social housing and other infrastructure sectors. As of September 30, 2020, MIM managed a total private placement debt portfolio of $94.1 billion on behalf of affiliated and unaffiliated clients.
This transaction follows MetLife’s recent release of its new 2030 Environmental Goals.
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of September 30, 2020, had $651.1 billion in total assets under management. For more information, visit https://investments.metlife.com.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
1 At estimated fair value. Includes MetLife general account and separate account assets and unaffiliated / third party assets.