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Tenaga Nasional Bhd’s (TNB) wholly-owned subsidiary, Vantage RE Ltd (Vantage RE) has completed its acquisition of a 100 per cent stake in a 97.3MW onshore wind portfolio in the United Kingdom. — Picture by Shafwan Zaidon
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KUALA LUMPUR, April 4 — Tenaga Nasional Bhd’s (TNB) wholly-owned subsidiary, Vantage RE Ltd (Vantage RE) has completed its acquisition of a 100 per cent stake in a 97.3MW onshore wind portfolio in the United Kingdom (UK) from a number of funds advised by Capital Dynamics for GBP145.9 million (GBP1=RM5.53).
This acquisition, following TNB’s maiden venture into the UK offshore wind market last October, marks another significant milestone in the national utility company’s strategy to grow its global RE portfolio while strengthening its presence in a focus market.
Upon the completion of this acquisition, Vantage RE’s total operational RE capacity will increase by 23 per cent from 433MW to 530MW.
This additional onshore wind capacity will diversify Vantage RE’s existing RE technology mix and improve the balance of its portfolio’s electricity generation profile throughout the year.
Capital Dynamics is an independent global private asset management firm and one of the world’s leading clean energy investors.
“This acquisition represents the continued success of our strategy execution to expand TNB’s RE portfolio in our focus markets such as the UK and Europe, while accelerating TNB’s journey in delivering its global environmental, social and governance (ESG) vision,” TNB president and chief executive officer (CEO) Datuk Baharin Din said in a statement.
He said the strategic acquisition of additional operational assets that were underpinned by subsidy regimes would also allow TNB to fully benefit from stable revenues and build financial resilience to weather the economic challenges aggravated by Covid-19.
In addition, it will move TNB a step closer to transitioning towards a new energy future of low carbon generation consistent with its Sustainability Pathway and overall ESG vision.
Vantage RE chief executive officer Vian Davys said the acquisition significantly allows the company to move into managing and operating larger wind turbines in the UK.
“We looked at the depth and availability of the assets, as well as the potential value creation to ensure that every strategic investment provides revenue certainty and positive financial contribution. This is a crucial milestone for Vantage RE and TNB in the build-up of internal capability in onshore wind.”
Meanwhile, Capital Dynamics Clean managing director and co-head Dario Bertagna said the company is fully supportive of TNB RE growth ambitions. — Bernama