MetLife Investment Management Provides $197.8 Million in Public-Private Financing to Flood Diversion Project
15 Ottobre 2021 - 2:00PM
Business Wire
MIM develops tailored private placement that
aligns with green loan principles and contributes to the
advancement of UN sustainable development goals
Project financing to help protect 235,000
people in the Fargo-Moorhead (FM) metropolitan area from the
impacts of extreme flooding
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), today announced
that it was the sole lender for $197.8 million in financing to
support the Public-Private Partnership (PPP) portion of the FM Area
Diversion project, the first PPP flood management project in North
America.
MIM’s Private Capital team led the innovative private placement
program on behalf of MetLife’s general account and MIM’s
institutional clients as part of a broader financing package
structured by the Red River Valley Alliance, a consortium including
Acciona Concesiones, Shikun & Binui, and North American
Construction Group. The Metro Flood Diversion Authority (MFDA) of
the Fargo-Moorhead area selected the consortium for the design,
construction, financing, operations, and maintenance of the
project.
The cities of Fargo, North Dakota, and Moorhead, Minnesota, and
surrounding areas have historically been prone to frequent and
severe flooding from the Red River that cannot be mitigated solely
by levees and floodwalls. The diversion project involves the
construction of a 30-mile channel and associated infrastructure
that will direct water around the Fargo-Moorhead metropolitan area
during times of flooding, protecting businesses, property and over
235,000 local residents.
John Tanyeri, head of Infrastructure and Project Finance at
MetLife Investment Management, said, “We’re proud to provide value
through a creative private placement financing that will benefit
the residents of the Fargo-Moorhead metro area. We’re committed to
investing in green infrastructure that aligns with the climate
adaptation and mitigation goals of our communities, and it’s
promising to see a sophisticated funding model that combines public
and private investment to achieve a more sustainable future.”
The PPP funding reinforces MIM’s long-term commitment to green
investments that drive environmental sustainability. The financing
framework for the private placement aligns with the four core
components of the Green Loan Principles 2021 and directly advances
goal 11 and goal 13 of the UN Sustainable Development Goals.
MIM’s Private Capital group comprises private placements,
infrastructure and structured credit investment management, and is
active across a wide range of industry sectors, including general
industrial, healthcare, professional services, retail, utilities,
electric transmission, renewable power and social housing, among
others. As of June 30, 2021, MIM had $131.9 billion in private
capital assets under management1 and $666.7 billion in total assets
under management.2
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 June 30, 2021 had $666.7 billion in total assets under
management.2
About MetLife 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. Private capital assets under
management is comprised of private corporates, private
infrastructure, residential mortgage loans, alternatives, middle
market private capital and private structured credit.
2 Total assets under management is comprised of all MetLife
general account and separate account assets and unaffiliated/third
party assets, at estimated fair value, managed by MIM.
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version on businesswire.com: https://www.businesswire.com/news/home/20211015005133/en/
For Media: Shree Dhond, DLPR +1 646 722-6531
shree@dlpr.com
Randy Clerihue +1 212-578-5061 rclerihue@metlife.com
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