Malaysia’s state utility Tenaga Nasional Berhad (TNB) has acquired a 50% interest in a UK solar portfolio totalling 365MW from TerraForm Power.
The £470m deal is TNB’s first investment in renewables in Europe and was made through Vortex Solar UK, a wholly-owned subsidiary of TNB joint venture Vortex Solar Investment.
Vortex Solar Investment, which is a 50:50 JV between TNB and Beaufort Investments, acquired 100% of the solar portfolio, TNB said.
The portfolio consists of 24 solar plants, the company added.
TNB chief executive Datuk Seri Ir Azman bin Mohd said: “We are pleased to complete this acquisition, which was a rare opportunity to acquire a sizeable solar power business in the UK.
“The acquisition also helps us deliver the renewable energy part of TNB’s international expansion plan more than one year ahead of schedule.”
The transaction brings TNB’s total international renewable energy portfolio to 252MW.
Image: Pixabay
Malaysians bask in UK sun
Tenaga Nasional Berhad acquires 50% stake in PV portfolio totalling 365MW
By EBS