• Tenaga Nasional (Tenaga) is buying a 50 percent stake in Vortex Solar Investments for GBP86 million (RM474 million).
  • The acquisition is in line with Tenaga’s five-year international expansion roadmap to increase its power generation capacity including renewable power.
  • The purchase would allow Tenaga to have a stake in a company which holds certain interest of solar photovoltaic projects in the UK with a combined net installed capacity of about 365 megawatts. Its solar energy assets have an average asset age of two years and an estimated useful life of 30 years.
  • Its unit TNB International had entered into a subscription and funding agreement with Beaufort Investments to subscribe for new equity shares in Vortex Solar.

The purchase is immediately earning accretive on completion of the acquisition as it is backed by a 15-year power purchase agreements and supported by renewable obligation certificates for 20 years.

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