Tenaga buys two UK renewable energy firms for RM417.8m

In a filing with Bursa Malaysia, EITA said the contracts are expected to commence any time from the date of the official receipt of the LoAs. They are expected to complete in 490 to 730 days from the date of commencement.

KUALA LUMPUR: Tenaga Nasional Bhd has stepped its overseas venture into renewable energy with the purchase of an 80% stake in two UK companies involved in generating electricity from wind for 77.37mil pound sterling or RM417.8mil.

The power giant said on Thursday its unit Tenaga Wind Ventures UK Ltd had completed its acquisition of an 80% interest in GVO Wind Ltd and Bluemerang Capital Ltd.

The stakes were purchased from (Georg von Opel and Tanzanite B.V. & Catalin Breaban.

The two companies own the largest Feed-in Tariff (FiT) wind portfolio in the UK, comprising 53 operational onshore medium wind turbines with a total combined capacity of 26.1MW.

It also said Tenaga Wind and Longspur Capital Ltd -- a renewable energy infrastructure asset manager – had also entered into investment management agreements. 

Longspur Capital is manned by experienced personnel from both Temporis Capital Ltd and Bluemerang Capital Ltd, former asset managers of the acquired firms.

“The purchase equity consideration of 77.37mil pound sterling is the 80% equity value based on the agreed and fixed enterprise value (EV) of 171.23mil pounds for the purchase of 53 wind turbines. The equity value is also based on net debt and working capital adjustment at completion,” it said.

The acquisition will add another c.26.1MW, raising Tenaga’s total international renewable energy portfolio to c.280MW.
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