Last checked at 6 Jan 2017 07:30
Vortex Solar signs Sale and Purchase Agreement to Acquire 100% of Solar PV Power Portfolio in UK
Cairo, January 6th, 2017: EFG Hermes announces that Vortex Solar, a special purpose vehicle managed by EFG Hermes Private Equity arm has entered into a sale and purchase agreement to acquire 100% of a 365 MW operational solar PV power portfolio in the United Kingdom, owned by "TerraForm Power". The transaction is valued at an Enterprise Value of c.GBP470 million (including c.GBP300 million of debt), and comprises 24 operational assets, representing United Kingdom's third-largest portfolio of solar PV ("Portfolio"). The completion of the transaction is subject to the completion of certain conditions precedents and is expected to close towards the end of 1Q/ beginning of 2Q 2017.
"Tenaga Nasional Berhad (TNB)", one of the largest utility players in Asia, with a market capitalization of c.USD17 billion and a power generation capacity of 12GW in 2016, has subscribed into Vortex Solar to fund 50% of up to GBP170 million equity share capital of the transaction. The remaining 50% will be initially underwritten by EFG Hermes with a final targeted hold of 5% of the equity, consistent with the previous transactions undertaken by Vortex.
For further information
Investor Relations Department
Email: investor-relations@efg-hermes.com
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Head of Investor Relations - Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
Fax: +20(0)2 3535 7017
www.efg-hermes.com