TNB Acquires 80% in GVO Wind & Bluemerang Capital

Tenaga Nasional Bhd (TNB), through its wholly-owned subsidiary, Tenaga Wind Ventures UK Ltd, has completed its acquisition of an 80% interest in two renewable energy (RE) companies registered in the UK.

The acquisition of GVO Wind Ltd and Bluemerang Capital Ltd was for an enterprise value of about £171 million (RM923 million).

The acquisition marks TNB’s maiden foray into onshore wind in the UK and is part of TNB’s Five-Year International Expansion Roadmap, the national power company said in a statement today.

“Acquiring the onshore wind assets is also in line with TNB’s strategy on renewable energy expansion under the Reimagining Tenaga strategy to position the company as one of the top global utility players by 2025.

“TNB intends to grow its RE portfolio to an optimal size via greenfield development or acquiring other RE portfolios of similar or complementary technology,” it added.

The combined portfolio of GVO Wind and Bluemerang Capital is the largest feed-in tariff (FiT) wind portfolio in the UK, comprising 53 operational onshore medium wind turbines with a total combined capacity of 26.1 megawatt (MW).

This is TNB’s second acquisition in the UK after its 2017 acquisition of the Vortex Solar photovoltaic assets.

President and CEO Azman Mohd said the acquisition of onshore wind assets in the UK was a relatively new commercial venture by TNB.

“This acquisition will strengthen TNB’s RE portfolio to its asset base and enhance technical and commercial insights in the RE market space.

“TNB looks forward to future investments that bring synergy to the company,” he added.

With the acquisition, TNB’s international renewable energy portfolio will have a combined net installed capacity of around 280 MW following its previous acquisition of Vortex Solar Investments, a portfolio of 24 solar photovoltaic farms, and other RE assets in Turkey and India.

 

 

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