TNB takes control of 365MW UK PV portfolio

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Malaysian state power company Tenaga Nasional Berhad (TNB) has acquired Beaufort Investment’s stake in a 365MW UK solar portfolio valued at £500m.
TNB had acquired a 50% interest in the Vortex 3 portfolio from TerraForm Power in 2017, made through Vortex Solar UK, a wholly-owned subsidiary of TNB joint venture Vortex Solar Investment, with Beaufort Investments, which acquired 100% of the solar portfolio.
Vortex Energy, a global renewable energy platform managed by Beaufort Investments, a subsidiary of EFG Hermes, held the managing stake in Vortex Solar.

Vortex 3 is one of the largest standalone portfolios in the UK, with an average asset age of six years, PPAs with European energy companies and utilities, an “attractive ROC regime” and a long-term debt package from lenders including Santander, RBS and ING.
The portfolio achieved earnings before interest, tax, depreciation and amortisation £39m in 2019 with an 84% EBITDA margin, exceeding its budget.
Vortex Energy said the portfolio continues to meet its targets in 2020, despite the global challenges.
EFG Hermes private equity and asset management head Karim Moussa (pictured) said: “We continue to demonstrate our ability to pursue the full cycle of raising capital, investing strategically and exiting major renewable energy portfolios.
“Since launching Vortex in 2015, we have combined …

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