Tuesday, October 27, 2020

EFG Hermes subsidiary sells UK solar portfolio – Reuters UK

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HRHO.CA, has accomplished the sale of its controlling stake in a 365 megawatt solar PV portfolio in Britain, EFG Hermes reported on Thursday.

The stake was marketed to TNB Worldwide, a subsidiary of Tenaga Nasional BerhadTENA.KL, one particular of Southeast Asia’s most significant utilities, with an company benefit of all-around 500 million pounds ($647 million).

The portfolio of photo voltaic PV belongings in Britain, known as Vortex III, has an average asset lifetime of six yrs and ability acquire agreements in area with substantial European electrical power organizations, EFG Hermes mentioned.

“This is a main milestone for Vortex. The exit of Vortex III shipped a 1.5x dollars-on cash-several to our traders and an inside fee of return of all over 14%,” reported Karim Moussa, head of private equity and asset administration at EFG Hermes.

Vortex Power had a portfolio of wind and photo voltaic property of 822 MW valued at all-around one.3 billion euros at the close of 2018.

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