TNB com­pletes stake buy in UK so­lar power port­fo­lio

New Straits Times - - Business -

KUALA LUMPUR: Te­naga Nasional Bhd (TNB) has com­pleted the ac­qui­si­tion of a 50 per cent stake in one of Bri­tain’s largest port­fo­lios of op­er­at­ing so­lar power as­sets with a com­bined net in­stalled ca­pac­ity of 365 megawatts.

The ac­qui­si­tion, with an en­ter­prise value of £470 mil­lion (RM2.6 bil­lion), was made through Vor­tex So­lar UK Ltd — an in­di­rect wholly-owned unit of TNB’s joint ven­ture (JV) Vor­tex So­lar In­vest­ments S.a.r.l., it said in a fil­ing with Bursa Malaysia yes­ter­day.

TNB holds a 50 per cent stake in the JV com­pany.

The util­ity gi­ant said the deal was part of its five-year global ex­pan­sion plan to ac­quire 250MW ca­pac­ity of re­new­able en­ergy (RE) projects by 2020.

TNB funded the ac­qui­si­tion through a US$750 mil­lion (RM3.3 bil­lion) sukuk pro­ceed is­sued last Oc­to­ber.

The deal would help TNB de­liver its RE in­ter­na­tional ex­pan­sion plan more than one year ahead of sched­ule, said its pres­i­dent and chief ex­ec­u­tive of­fi­cer Datuk Seri Ir Az­man Mohd in the state­ment. Fran­cis Dass

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