abrdn invests in Italian gas network
abrdn has invested EUR 60m on behalf of its strategic partner Phoenix Group (“Phoenix”) in Societa Gasdotti Italia S.p.A (“SGI” or the “Company”) the second largest Italian Transmission System Operator with 1,700km of high-pressure gas network.
The loan is used to refinance existing debt, extend the debt maturity profile and support new investment including the replacement of existing infrastructure, extension of the pipeline, and construction of a new compressor station. SGI benefits from an established and supportive regulatory framework in Italy with limited volume risk ensuring a sustainable stream of cash flows to our clients.
Gas infrastructure plays a key role in the energy transition in Europe, and part of the proceeds of the refinancing will be used to upgrade the network in preparation for transportation of hydrogen. SGI achieved a 5-star rating from GRESB in the most recent assessment round, demonstrating strong operational ESG performance against peers. Throughout the life of the loan the Company will provide annual reporting on a number of ESG KPIs including Scope 1/2/3 carbon emissions, board gender diversity and health and safety incident rates.
Albane Poulin, Head of European Private Placements at abrdn said: “We are delighted to support Ontario Teachers’ Pension Plan and Swiss Life in the refinancing of SGI. This investment allows us to support SGI’s capex plan to upgrade the existing networks in order to improve energy efficiency, ensure security of supply in Italy as well as preparation for energy transition. SGI benefits from an established and supportive regulatory framework in Italy with limited volume risk, which can provide a sustainable stream of cash flow to our clients.
“SGI will play a key role in the decarbonation of gas through transportation of hydrogen and biomethane in their pipeline. We are particularly excited to execute our first private credit transaction in Italy, underpinning a key strategic priority for abrdn to grow our core capabilities in real assets”
Manuel Dusina, Head of Infrastructure, Phoenix Group added: “Core defensive regulated assets like this in jurisdictions outside of the UK are a key element of our approach to diversification when building our portfolio. Investing in line with our sustainability agenda is also important to us, and this investment improves energy efficiency and upgrades in SGI’s network, and will play a vital role in the energy transition within Italy and Europe.”
Standard Life Aberdeen plc has now been renamed abrdn plc
abrdn plc (“the Company”) announces that Standard Life Aberdeen plc has now been renamed abrdn plc.The Company ticker will be changed from SLA to ABDN with effect from 8.00am today. Today marks a key milestone as the Company delivers on its strategy. The new brand symbolises the transition underway to bring a clarity of focus, renewed sense of purpose and drive for sustainable growth for shareholders, clients and colleagues. Simplifying the business, coming together under one single brand is a key enabler to drive future growth. The Company’s client-led growth strategy is backed by a simplified structure focused on three core growth vectors; Investments, Adviser and Personal. In the coming months all of the Company’s client and customer propositions will rebrand to the new name – abrdn.abrdn plc also today announces a major new charity partnership with Hello World, a digital education charity that offers a practical, affordable and scalable solution to the global education deficit.Education is currently inaccessible to over 258 million children and 40% of the global population has no access to the internet. Hello World partners with communities to build Hello Hubs, solar powered and wi-fi enabled computer hubs, fitted with eight screens loaded with world-class educational content so that children can learn, access digital educational resources and improve their future by connecting globally.abrdn’s partnership with Hello World will fund communities to build 64 new Hello Hubs over two years, providing life-changing opportunities and education to approximately 80,000 children and adults in disconnected communities.Stephen Bird, CEO of abrdn plc, said:“I’m very excited to have reached this milestone. abrdn is so much more than a new name, it’s about our business coming together under a single global brand with a determined focus on enabling our clients and customers to be better investors”. “Acting with courage and conviction, being optimistic about the future and building powerful partnerships are all important attributes of the brand we are creating. That’s why I’m delighted that today we can also announce our partnership with Hello World – a charity that, like us, is solving the problems of today and tomorrow with innovative thinking, sustainable values and a futurist approach. Personally, I’m passionate about education and digital skills – and for me this partnership is a perfect fit with what abrdn stands for.”Katrin McMillan, CEO and Founder of Hello World, added: “We are delighted to be working with abrdn. Our collaboration will have an enormous impact on the work we do and will immeasurably improve the lives of the communities we support. To partner with a business and a team so closely aligned with our approach and values is an especial bonus.”“Even before Covid-19 hit, 258 million children were out of school, equivalent to 1-in-5 globally. This figure rose to 800 million children during the pandemic. We work with communities in Uganda and Nepal to enable them to build their own digital solar-powered hubs, loaded with education software and connected to the internet. Our Hello Hubs are a practical and affordable solution to the global education deficit and, with the support of abrdn, we will now be able to expand our programme and work with many more communities.”
Standard Life Aberdeen plc to become Abrdn plc
Standard Life Aberdeen plc (“the Company”) today announces its intention to change its name to “Abrdn plc”. The new Abrdn name (pronounced “Aberdeen”) will be part of a modern, agile, digitally-enabled brand that will also be used for all the Company’s client-facing businesses globally.
The new brand identity marks the next stage in the reshaping of the business and future-focused growth strategy. The Company is focused on three interrelated growth vectors: global asset management (Investments), technology platforms for UK financial advisers and their customers (Adviser), and UK savings and wealth (Personal).
The rebranding roll-out process for the new name and associated visual identity will begin in the summer and progress through 2021, alongside implementation of a full stakeholder engagement plan to manage the transition.
Stephen Bird, Chief Executive, said:
“Our new brand Abrdn builds on our heritage and is modern, dynamic and, most importantly, engaging for all of our client and customer channels. It is a highly-differentiated brand that will create unity across the business, replacing five different brand names that have each been operating independently. Our new name reflects the clarity of focus that the leadership team are bringing to the business as we seek to deliver sustainable growth.”
A subsequent announcement will be made when the Company’s name change becomes effective with a revised stock ticker. This is expected to take place prior to the publication of the Company’s half year results in August 2021. Until such an announcement is made, trading will continue under the existing ticker. No action is required on the part of any equity holders with respect to their rights as an equity holder.