KUALA LUMPUR: Tenaga Nasional Bhd‘s wholly owned subsidiary Vantage RE Lrd has accomplished its acquisition of a 100% stake in a 97.3MW onshore wind portfolio within the UK from a number of funds suggested by Capital Dynamics, a worldwide personal asset administration agency, for GBP145.9mil.
In an announcement, Tenaga stated the wind portfolio includes operational onshore wind farms throughout 11 websites within the UK that have been developed below both the Feed-in Tariff or Renewable Obligation Certificates subsidy regimes, that are anticipated to supply steady long-term revenues.
Upon the completion of the acquisition, Vantage RE’s complete operational RE capability will develop by 23% from 433MW to 530MW.
In accordance with Tenaga, this extra onshore wind capability will diversify Vantage RE’s current RE expertise combine and enhance the stability of its portfolio’s electrical energy technology profile all year long
“This acquisition represents the continued success of our technique execution to develop TNB’s RE portfolio in our focus markets such because the UK and Europe whereas accelerating TNB’s journey in delivering its international Environmental, Social and Governance (ESG) imaginative and prescient.
“We firmly consider in an innate accountability in the direction of a greater world and brighter lives anchored on TNB’s aspiration in the direction of internet zero emissions by 2050.
“TNB’s Sustainability Pathway is underpinned by our dedication to cut back 35% of our emissions depth in addition to 50% of our coal technology
capability by 2035,” stated Tenaga president CEO Datuk Baharin Din.
Baharin added that the strategic acquisition of extra operational property which might be underpinned by subsidy regimes would additionally permit Tenaga to totally profit from steady revenues and construct monetary resilience to climate the financial challenges aggravated by Covid-19.
As well as, it would transfer TNB a step nearer to transitioning in the direction of a brand new power way forward for low-carbon technology per TNB’s Sustainability Pathway and total ESG imaginative and prescient.