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TNB’s maiden foray into onshore wind portfolio in the UK

01/03/2018

Tenaga Nasional Berhad (“TNB”) today, via its wholly owned subsidiary, Tenaga Wind Ventures UK Ltd, has completed its acquisition of an 80% interest in two renewable energy companies registered in the UK; GVO Wind Limited and Bluemerang Capital Limited for an enterprise value of approximately GBP 171 million.

This acquisition marks TNB’s maiden foray into onshore wind in the UK. It is part of TNB's Five-Year International Expansion Roadmap. Acquiring the onshore wind assets is also in line with TNB’s strategy on renewable energy (RE) expansion under Reimagining Tenaga strategy to position TNB as one of the top global utility players by 2025.

TNB intends to grow its RE portfolio to an optimal size via greenfield development or acquiring other RE portfolio of similar or complementary technology.

The combined portfolio of GVO Wind Limited and Bluemerang Capital Limited is the largest Feed-in Tariff (“FiT”) wind portfolio in the UK comprising 53 operational onshore medium wind turbines, with a total combined capacity of 26.1MW spread across the UK.

This is TNB’s second acquisition in the UK after the 2017’s acquisition of the Vortex Solar photovoltaic assets.



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