By Stella Goh
The wholly-owned subsidiary of Tenaga Nasional Berhad, also known as TNB International Sdn Bhd (TNBI) has acquired the controlling equity stake in Vortex Solar Investment S.a.r.l. (Vortex Solar) from Beaufort Investment S.a.r.l.a subsidiary of EFG Hermes Holdings SAE. They proposed to deal with £11 million (RM59.05 million).
According to the TNB’s President and Chief Executive Officer, Datuk Seri Amir Hamzah Azizan, the acquisition would increase TNB’s equity interest in Vortex Solar to 55%, giving the TNB majority control of the company. With the acquisition, it is a key milestone in TNB’s commitment to reduce its carbon footprint and grows its international Renewable Energy (RE) business portfolio in line with its energy transition aspiration of becoming the leading provider of sustainable energy solutions both domestically and internationally. The group’s international European RE business footprint where TNB already wholly owns Tenaga Wind Ventures (TWV) UK LTd, the largest feed-in-tariff wind portfolio in UK is able to strengthen.
Vortex Solar is one of the largest solar platforms in the UK with Renewables Obligations Certificate (ROC) subsidy scheme. The controlling stake in UK solar-energy portfolio to a Malaysian utility in a deal that values the assets at £500 million (RM2.68 billion) was sold by the Egyptian Investment Bank EFG-Hermes Holdings Co. The portfolio comprises 24 operational solar farms with a total combined capacity of 365MW and has consistently produced strong results over the last two years.
Datuk Seri Amir Hamzah Azizan also stated that despite the challenging time caused by the global Covid-19 pandemic, both Vortex Solar and TWV’s financial and operational performances have been performing beyond expectations. The acquisition of Vortex Solar has contributed positively to the TNB’s financials and strategic objectives.
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