EFG Hermes’ Vortex completes acquisition of UK solar power plants
EFG renewable platform closes UK solar acquisition: EFG Hermes’ renewable energy platform Vortex announced completing its acquisition of 100% of a 365 MW portfolio of 24 operational solar assets in the United Kingdom from TerraForm Power. This increases Vortex’s total net operational capacity to 822 MW. The agreement, which sets an enterprise value of GBP 470 mn for the assets, was signed in January. “Vortex’s success to date underpins our transformation from being a manager of investments across MENA to being an investment manager that caters to our client’s specific needs in our region and beyond. Vortex will continue to target wind and solar acquisitions in Europe with a target of owning a total of more than 2 GW in generation capacity within three years,” EFG Hermes’ Head of Asset Management and Private Equity Karim Moussa says. EFG Hermes says, “Vortex plans to sell down 45% of the equity share capital of the transaction in the near future, retaining a 5% stake in line with its previous transaction structures. Vortex is also in the process of refinancing the portfolio’s existing debt facilities.” Read the full release here (pdf).