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.