Malaysia's TNB purchases a stake of 50% in 365MW UK solar portfolio

15/05/2017 14:30 Solar


Malaysian national electric utility Tenaga Nasional Berhad (TNB) has finalized the purchase of a 50% stake in a 365MW solar portfolio in the UK from a unit of Terraform Power for £470 million.

The deal marks the first investment of TNB in green generation capacity in Europe and is part of its five-year global development plan.
TNB has now attained one of its main targets of buying up to 250MW of renewable energy capacity by 2020.

The firm's global renewable energy portfolio represents 252MW after combining last year’s purchase of a 30% stake in GMR Energy based in India for $300m and acquisition of a 30% stake in Gama Enerjibased in Turkey for $243m.

TNB made the procurement via Vortex Solar UK which in turn is an indirect entirely possessed subsidiary of Vortex Solar Investment, a TNB joint venture which bought a 100% interest in the portfolio.

TNB owns 50% stake in Vortex while the other joint venture associate is Beaufort Investments which possesses the remainder stake. 

Considered to be one of the nation’s biggest solar portfolios, the acquisition comprises 24 solar photovoltaic farms for which Vortex Solar UK had entered into a sale and purchase deal in January.

The acquisition was financed by TNB through the profits originating from a $750m bond it issued in October 2016.

UK's electric vehicles could reach a peak demand of 3.5GW by 2030

13/07/2017 14:18:00

According to a long-term forecast by the National Grid, electric vehicles (EVs) could raise demand for electricity by 3.5GW by 2030, and by 18GW twenty years later, which equals to around six Hickley Point nuclear power stations.


Daily (13.07.2017): EU carbon prices by rose 2.7% on Wednesday

13/07/2017 11:01:00

Oil jumped again on Wednesday supported by declining U.S. fuel inventories and a cut in the U.S. government's forecast for crude output. The drop in U.S. crude stocks confirmed that the market rebalancing is under way. Brent crude rose by 0.46% settling at $47.74 a barrel, while the WTI price increased by 1% to $45.49 a barrel.


Hungary’s renewable support scheme gains EU favour

13/07/2017 10:00:00

The European Commission has approved Hungary’s green energy support scheme, which has a budget of €146 million and will give assistance to renewable energy projects.