World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTVortex said today it has sold a 45% stake in a 365-MW UK solar portfolio to Kumpulan Wang Persaraan (Diperbadankan), or KWAP, Malaysia's second-largest pension fund.
Vortex, an investment platform sponsored and managed by Egypt-based investment bank EFG Hermes (EGX:HRHO), acquired the portfolio from US renewables yieldco TerraForm Power (NASDAQ:TERP) at the start of 2017. The equity share capital of the transaction then was funded through a 50% subscription from Malaysian electric utility Tenaga Nasional Bhd (KLSE:TENAGA), or TNB.
Vortex will keep a 5% long-term interest in the Vortex Solar Investments S.a.r.l portfolio. The GBP-67.5-million (USD 90.2m/EUR 76.5m) sale of the 45% stake to KWAP followed a very competitive process with interest from leading investors, according to the announcement.
Vortex said the deal, expected to close in the coming weeks, is in line with its strategy of identifying key investors from around the world to diversify its partner base. "With our successful track-record in investing and managing large renewable energy portfolios across several European markets, Vortex represents a great gateway to the asset class for global partners and specifically for Middle Eastern and Asian investors," commented Karim Moussa, head of private equity and asset management at EFG Hermes.
(GBP 1 = USD 1.337/EUR 1.134)
World set to install 593 GW of new solar in 2024 - Ember
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