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KUALA LUMPUR: Tenaga Nasional Bhd (TNB) wholly owned subsidiary TNB International Sdn Bhd (TNBI) has acquired the controlling equity interest in Vortex Solar Investments Sarl (Vortex Solar) from Beaufort Investments Sarl, a subsidiary of EFG Hermes Holding SAE.
The proposed deal is worth £ 11 million (RM59.05 million).
TNB President and CEO Datuk Seri Amir Hamzah Azizan (pix) in a statement said today that the acquisition would increase TNB’s equity stake in Vortex Solar to 55 percent, giving TNB majority control of the company.
“The acquisition is a key milestone in TNB’s commitment to reducing its carbon footprint and growing its international renewable energy (RE) business portfolio, in line with its energy transition aspiration to become the leading provider of energy solutions. sustainable energy both nationally and internationally ”, he said. said.
Vortex Solar is one of the UK’s largest solar platforms with a Renewable Obligation Certificate (ROC) subsidy scheme.
The portfolio comprises 24 operating solar parks with a total combined capacity of 365MW and has produced consistently good results over the last two years.
“With the acquisition, TNB now has majority control of Vortex Solar, further strengthening the group’s international European renewable energy business presence, where TNB already fully owns Tenaga Wind Ventures (TWV) UK Ltd, the largest portfolio of wind power with feed rates in the UK, ”said Amir Hamzah.
He said the acquisition is part of TNB’s new strategy to grow its renewable energy businesses in the UK and Europe and is a deliberate move to take control of its high-performance renewable energy assets, beginning with the acquisition of the 100 percent on TWV earlier this year.
“Leveraging TNB’s existing capabilities and its control of TWV and Vortex Solar, TNB will continue to expand in the region in line with its international renewable energy growth strategy through the restructuring of Vortex Solar and TWV into a dedicated renewable asset company to own, operate and manage a portfolio of renewable energy assets in the UK and Europe, ”he said.
Amir said that despite the difficult times caused by the global Covid-19 pandemic, both the financial and operational performance of Vortex Solar and TWV have been performing beyond expectations.
“The acquisition of Vortex Solar has contributed positively to TNB’s financial and strategic objectives,” he said.
The portfolio posted EBITDA of £ 39.1 million in 2019 and has grown from 80% of the EBITDA margin in 2018 to 84% in 2019.Named
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