Vortex to refinance its 365 MW UK solar portfolio

Vortex, the European renewables platform has announced the the £337 million (US$435 million) refinancing of a 365 MW portfolio comprising 24 operational PV solar farms in the UK. 

The lenders included Santander and RBS as lead arrangers as well as Allied Irish Bank, Banco Sabadell, Caixabank, Commonwealth Bank of Australia, ING and Natixis.

As we reported, in late May, Vortex reached financial close on its 100% acquisition of the solar portfolio from TerraForm Power.

Vortex signed the c. £470 million (US$574.5 million) transaction in January 2017. The equity share capital of the transaction was funded through a 50% subscription from Tenaga Nasional Berhad (TNB), one of the largest utility players in Asia with a market capitalization of c. US$18 billion and a power generation capacity of 13 GW. The remaining 50% of the equity ticket was underwritten by EFG Hermes consistent with the merchant banking model that it announced last year.

International law firm Watson Farley & Williams advised Vortex on the refinancing and the previous acquisition of the solar portfolio. 

In April 2016, we also informed that Vortex acquired a 49% stake in an operational 664 MW portfolio of European wind assets. The transaction, valued at €550 million (US$624 million) included a portfolio of 23 wind farms in four European Union jurisdictions, including Spain (348 MW), Portugal (191 MW), Belgium (71 MW) and France (54 MW).

Our team have lately informed about other renewable projects acquisitions in Europe:

• Marguerite Fund acquires a wind farm in Sweden
• RES sells 35 MW battery storage project to Foresight
• MEIF4-owned company acquires Italian wind farm
• Statkraft to sell stakes in offshore wind parks