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Monday, 18 December 2017

Vortex sells 45% of Vortex Solar to KWAP for GBP 67.5 mn

EFG Hermes’ Vortex platform sold a 45% equity stake in its UK solar operation to Malaysia’s second-largest pension fund, Kumpulan Wang Persaraan (KWAP), in a GBP 67.5 mn transaction. Vortex will continue to maintain a 5% long-term shareholding in Vortex Solar Investments, having acquired 365 MW of solar PV producing assets in the United Kingdom from TerraForm Power in January 2017. Following the transaction, Vortex Solar’s shareholding structure will stand as 50% Tenaga Nasional Berhad, 45% KWAP, and 5% Vortex. “KWAP fits very well strategically as a long-term future partner to Vortex and EFG Hermes … I am very pleased to have placed a 45% stake with the right partners after a highly competitive process that saw interest from leading investors around the world,” said Karim Moussa, Head of Private Equity and Asset Management at EFG Hermes. Group CEO Karim Awad says “by completing the sale to KWAP we successfully complete the cycle of the underwriting for Vortex Solar in less than 12 months.” Read the full announcement here (pdf).

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