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MetLife Investment Management Provides $197.8 Million in Public-Private Financing to Flood Diversion Project
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MetLife Investment Management (MIM) has announced a $197.8 million financing deal to support the Fargo-Moorhead Area Diversion Project, marking the first Public-Private Partnership (PPP) flood management initiative in North America. This project aims to construct a 30-mile channel to protect over 235,000 residents from severe flooding in the Fargo-Moorhead region. The funding aligns with green loan principles and UN sustainable development goals, reinforcing MIM’s commitment to environmentally sustainable investments. As of June 30, 2021, MIM managed $131.9 billion in private capital assets and $666.7 billion overall.
Positive
Secured $197.8 million financing for a significant flood management project.
First PPP flood management initiative in North America, showcasing innovation.
Funding aligns with green loan principles and UN sustainable development goals.
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None.
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
WHIPPANY, N.J.--(BUSINESS WIRE)--
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.
