TNB Takes Control of One of the Largest Solar Platforms in The UK
Tenaga Nasional Berhad (TNB) wishes to announce its wholly-owned subsidiary, TNB International Sdn Bhd (TNBI), has on 17 September 2020 acquired the controlling equity stake in Vortex Solar Investments S.a.r.l. (Vortex Solar) from Beaufort Investments S.a.r.l, a subsidiary of EFG Hermes
Holding SAE for a consideration of GBP11.0 million. The acquisition will increase TNB’s equity interest in Vortex Solar to 55%, giving TNB majority control of the company.
Vortex Solar is one of the largest solar platforms in the UK with Renewables Obligation Certificate (ROC) subsidy scheme. 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.
TNB’s President and Chief Executive Officer, Datuk Seri Amir Hamzah Azizan also described the acquisition as a key milestone in TNB’s commitment to reduce its carbon footprint and grow 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.
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