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TNB secures debt to refinance UK wind portfolio acquisition

Wind turbines in UK. Author: Stephen Jones. License: Creative Commons. Attribution 2.0 Generic

April 6 (Renewables Now) - Malaysian utility Tenaga Nasional Bhd (KLSE:TENAGA), or TNB, has struck a deal to obtain GBP 120 million (USD 168m/EUR 137m) in debt to refinance the acquisition of an 80% interest in two renewable energy firms, owners of a 26.1-MW wind portfolio in the UK.

The financing facility will be provided by Germany’s Bayerische Landesbank (BayernLB) to TNB’s subsidiary Tenaga Wind Ventures UK Ltd, according to a bourse statement on Monday. Through Tenaga Wind, at the end of February TNB acquired stakes in GVO Wind Ltd and Bluemerang Capital Ltd for a cash equity consideration of GBP 77.4 million, saying their assets represent the largest feed-in tariff (FiT) onshore wind portfolio in the UK.

The particular portfolio consists of 53 operational wind turbines spread across England, Scotland and Wales, having a combined capacity of 26.1 MW.

The deal with BayernLB is TNB's first overseas non-recorse acquisition refinancing through one of its units and aligns with its strategy to rank among the top global utility players by 2025, the Malaysian company said.

(GBP 1.0 = USD 1.399/EUR 1.143)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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