Tenaga Nasional Berhad ('TNB') completed the acquisition of a 50% interest in UK's portfolios of operating solar power assets, with a combined capacity of 365MW.
The acquisition was made via Vortex Solar UK Limited, an indirect wholly owned subsidiary of a TNB joint venture, Vortex Solar Investment S.a.r.l. ('Vortex'), which acquired a 100% interest in the portfolio. TNB has a 50% shareholding in Vortex alongside Beaufort Investments S.a.r.l. which holds the balance of 50%.
Datuk Seri Ir. Azman bin Mohd, TNB's CEO, said: "We are pleased to complete this acquisition, which was a rare opportunity to acquire a sizeable solar power business in the UK. The acquisition also helps us deliver the renewable energy part of TNB's international expansion plan more than one year ahead of schedule."
"The assets are an excellent investment and are earnings enhancing, with 80% of revenue under long term, 15-year power purchase agreements and subsidized by Renewable Obligation Certificates for 20 years."