Vortex acquires 365 MW UK solar PV portfolio from TerraForm Power
European renewables platform Vortex, which is managed by the private equity arm of EFG Hermes, has acquired a 365 MW UK solar PV portfolio with an enterprise value of c. £470 million (US$574.5 million) from TerraForm Power.
The closing of the transaction is subject to the completion of certain conditions precedents. International law firm Watson Farley & Williams has advised on the company's acquisition.
Comprising 24 operational assets, Vortex’s new acquisition represents one of the largest solar PV portfolios in the UK. Backed by the UK Government’s Renewable Obligation Certificates and 14-year power purchase agreements with creditworthy off-takers, the portfolio has an average asset age of two years and an estimated useful life of c. 30 years. It currently carries a project finance debt facility of c. £300 million (US$366.7 million) which Vortex intends to refinance shortly after the completion of this transaction.
Lightsource will act as a technical partner to Vortex for operations and management services post-completion of the acquisition.
Vortex has now invested US$1.4 billion in the European renewables market since 2014, following this transaction and its earlier acquisition of a 457 MW Western European wind portfolio managed by EDP Renováveis.
Listed on both the Egyptian and London stock exchanges, EFG Hermes is a MENA-focused investment bank specialising in securities brokerage, asset management, investment banking, private equity and research.
Country news
-
-
January 09, 2017
Bluefield Solar Income Fund makes UK solar acquisitions
Bluefield Solar Income Fund has announced that it has entered into binding sale and purchase agreements to acquire five new build sub-5 MWp ground-mounted solar photovoltaic PV plants.
Read more -
January 03, 2017
Investors refinance debt associated to Walney offshore wind farm
Walney Offshore Wind Farm comprises 102 Siemens wind turbines with a total capacity of 367 MW.
Read more -
January 03, 2017
Falck Renewables completes financing of the Scottish wind Farm of Assel Valley for £42.3 million
The Falck Renewables Group, through the subsidiary Assel Valley Wind Energy Ltd, has stipulated a non-recourse project financing loan contract on a club deal basis with MUFG’s core banking unit and Banco de Sabadell, for a total of around £42.3 million (US$52.2 million), for the wind farm of Assel Valley, which started operating at the end of October 2016.
Read more -
December 30, 2016
Quercus announces the €150 million first close of its new renewable energy infrastructure funds
Quercus Assets Selection, which specialises in infrastructure investments with a focus on renewable energy, has reached its first collection target of €150 million for new projects, led by its Co-Founder and CEO, Diego Biasi.
Read more -
December 30, 2016
Antin Infrastructure Partners raises €3.6 billion for third fund
Antin Infrastructure Partners has closed its third fund at the hard cap, raising €3.6 billion (US$3.66 billion) in less than five months.
Read more
