Allianz Global Investors has made a £500m bond investment in the project. The investment spans 32 years, with AllianzGI investing on behalf of a large number of Allianz Group companies, as well as third party clients. AllianzGI’s investors in the transaction include its own dedicated sterling pooled fund (“Fund 1”) and clients investing via separately managed accounts. The Pension Protection Fund (“PPF”), often referred to as the UK’s ‘pension fund lifeboat’, is one of the third party investors in the transaction – its first investment alongside AllianzGI’s infrastructure debt platform