TNB gains majority control in UK firm Vortex Solar

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has acquired an additional 5% stake in Vortex Solar Investments S.a.r.l, giving the company a majority equity interest in the one of the largest solar platform in the UK.

The £11mil (RM59mil) deal raised TNB’s stake in Vortex Solar to 55%, the company said in a filing with Bursa Malaysia today.

Vortex Solar is one of the largest solar platform in the United Kingdom with Renewables Obligation Certificate subsidy scheme, comprising 24 operational solar farms with a total combined capacity of 365MW.

TNB has first acquired a 50% equity stake of Vortex Solar in 2017.

“The portfolio has performed positively contributing £39.1 million EBITDA in 2019,” TNB said.

“The portfolio has shown growth from 80% EBITDA margin in 2018 to 84% EBITDA margin in 2019. This acquisition is expected to contribute positively to the Group’s net profit at completion,” it added.