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

15/05/2017 14:30 Solar

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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.
 

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