Vortex sells controlling stake in 365-MW PV portfolio in UK

European renewables platform Vortex Energy has finalised the sale of its controlling and management stake in the 365-MW Vortex Solar photovoltaic (PV) portfolio in the UK.

The stake in the platform, whose enterprise value is GBP 500 million (USD 648.4m/EUR 549.7m), was sold to existing shareholder TNB International Sdn Bhd, a wholly-owned unit of Malaysian utility Tenaga Nasional Bhd (KLSE:TENAGA).

Egyptian financial group EFG Hermes Holding SAE (EGX:HRHO), which has a 5% indirect stake in the UK portfolio, said it will receive cash sales proceeds of GBP 11 million compared to an initial investment outlay of GBP 7.5 million.

Vortex Energy purchased the portfolio from US renewable power producer TerraForm Power Inc (NASDAQ:TERP) in 2017. The solar assets have an average age of six years, power purchase agreements (PPAs) with European utilities and energy companies, contracts under the Renewables Obligation Certificate (ROC) regime and a long-term debt package from major lenders.

The portfolio posted earnings before interest, tax, depreciation and amortisation (EBITDA) of around GBP 39 million in 2019 with an 84% EBITDA margin, EFG Hermes added.

(GBP 1.0 = USD 1.3/EUR 1.1)

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