Vortex refinances 365-MW UK solar portfolio

Vortex has closed a GBP-337-million (USD 435m/EUR 384m) refinancing of the UK solar portfolio it bought earlier this year from US renewables yieldco TerraForm Power (NASDAQ:TERP).

This was announced today by international law firm Watson Farley & Williams (WFW), which advised Vortex on the move. The lenders in the transaction were Santander and RBS, acting as lead arrangers, and Allied Irish Bank, Banco Sabadell, Caixabank, Commonwealth Bank of Australia, ING and Natixis.

Vortex, the investment platform sponsored and managed by Egypt-based investment bank EFG Hermes (EGX:HRHO), acquired the 365-MW portfolio from TerraForm Power for an enterprise value of GBP 470 million, including GBP 300 million of debt. The equity share capital of the transaction was funded through a 50% subscription from Malaysian electric utility Tenaga Nasional Bhd (KLSE:TENAGA), or TNB.

The particular photovoltaic (PV) portfolio includes 24 operational solar parks supported by 15-year power purchase agreements (PPAs) with creditworthy off-takers. The plants are accredited under the Renewable Obligation (RO) regime for 20 years.

(GBP 1.0 = USD 1.293/EUR 1.140)

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