TNB completes acquisition of 97.3MW onshore wind portfolio in UK

PETALING JAYA: Tenaga Nasional Bhd’s (TNB) wholly-owned subsidiary, Vantage RE Ltd, has completed its acquisition of a 100% stake in a 97.3MW onshore wind portfolio in the United Kingdom from a number of funds advised by Capital Dynamics for £145.9mil (RM806.28mil).

This acquisition, following TNB’s maiden venture into the UK offshore wind market last October, marked another significant milestone in the national utility company’s strategy to grow its global renewable energy (RE) portfolio, while strengthening its presence in a focus market.

Upon the completion of this acquisition, Vantage RE’s total operational RE capacity will increase by 23% from 433MW to 530MW.

This additional onshore wind capacity will diversify Vantage RE’s existing RE technology mix and improve the balance of its portfolio’s electricity generation profile throughout the year.

Capital Dynamics is an independent global private asset management firm and one of the world’s leading clean energy investors.

“This acquisition represents the continued success of our strategy execution to expand TNB’s RE portfolio in our focus markets such as the UK and Europe, while accelerating TNB’s journey in delivering its global environmental, social and governance (ESG) vision,” TNB president and chief executive officer (CEO) Datuk Baharin Din said in a statement.

He said the strategic acquisition of additional operational assets that were underpinned by subsidy regimes would also allow TNB to fully benefit from stable revenues and build financial resilience to weather the economic challenges aggravated by Covid-19.

In addition, it will move TNB a step closer to transitioning towards a new energy future of low carbon generation consistent with its Sustainability Pathway and overall ESG vision.

Vantage RE CEO Vian Davys said the acquisition significantly allowed the company to move into managing and operating larger wind turbines in the UK. — Bernama