Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, September 17 2020 - 17:00
Vortex Energy sells a controlling stake in its 365MW UK Solar Portfolio to TNB valuing the portfolio at c. GBP 500m
LONDON, Sept 17 /PRNewswire-AsiaNet/ --

The transaction further solidifies Vortex Energy’s track-record in creating 
value for its investors and paves the way for plans to launch Vortex IV, a 
global clean energy platform.

Vortex Energy, a global renewable energy platform managed by Beaufort 
Investments (“Beaufort”), a subsidiary of the private equity arm of EFG 
Hermes, has completed the sale of its controlling and managing stake in Vortex 
Solar (“Vortex III”), a 365MW solar PV portfolio, acquired in 2017 from 
TerraForm Power, at an enterprise value of c. GBP 500m. 

The stake was sold to TNB International Sdn Bhd, a wholly owned subsidiary of 
Tenaga Nasional Berhad (“TNB”), an existing shareholder in the business and one 
of South East Asia’s largest utilities with an installed capacity of c.15GWs 
globally. Vortex III is one of the largest standalone portfolios in the UK, 
with an average asset age of 6 years, PPAs with major European energy companies 
and utilities, an attractive ROC regime and a long-term debt package from major 
lenders including Santander, RBS and ING. The portfolio achieved an EBITDA of 
c.GBP 39mn in 2019 with an 84% EBITDA margin, exceeding its budget and 
providing attractive cash yields to its shareholders. It continues to meet its 
targets in 2020, despite the global challenges.

Karim Moussa, Head of Private Equity and Asset Management, at EFG Hermes said, 
“This is a major milestone for Vortex. The exit of Vortex III delivered a 1.5x 
cash on cash multiple to our investors and an IRR of c. 14%. We continue to 
demonstrate our ability to pursue the full cycle of raising capital, investing 
strategically and exiting major renewable energy portfolios. Since launching 
Vortex in 2015, we have combined net 822MW of premium assets while investing 
more than EUR 1.3bn in the sector in developed markets. We have been 
consistently delivering attractive returns to our shareholders and partners by 
aggregating and enhancing assets and then selling portfolios to strategic 
long-term owners of renewable energy assets. This is the second major exit 
following the disposal of our 49% stake in a 1GW wind portfolio to funds 
managed by J.P. Morgan last year.”  

Bakr Abdel-Wahab, Head of Energy, at EFG Hermes Private Equity said, “This 
transaction demonstrates Beaufort’s skills as a leading investment and asset 
manager of large scale portfolios and businesses. Since acquiring the UK 
assets, we have improved their performance and capital structure via a major 
refinancing; revamping all key portfolio agreements, partnering with 
Lightsource BP and establishing a strong London based asset management team. 
This active management strategy has generally enabled us to return to our 
investor across our three Vortex Energy platforms since inception, a net 
average annual cash yield of 5%, cash-on-cash multiple of 1.4x and IRR of 13%. 
We look forward to continue growing Vortex Energy’s footprint and investing in 
energy transition businesses and portfolios globally over the coming period.”  
The Beaufort team is currently planning to establish Vortex IV, a renewable 
energy platform that will target global generation, storage, distribution and 
technology businesses. Moussa concluded, “We are excited about future global 
opportunities in renewables and the wider clean energy space, we shall aim to 
commence our fundraising efforts by the end of 2020, with anchor investors 
already showing increased interest in our next endeavor Vortex IV.”  

About Vortex Energy

Vortex Energy was established in 2015 as an investment platform, sponsored by 
the Private Equity arm of EFG Hermes, via Luxembourg-based Beaufort 
Investments, to pursue renewable energy investments globally. Beaufort 
Investments and its affiliates comprise of a team of 15 dedicated 
infrastructure and private equity specialists, with wide experience in global 
infrastructure and renewable energy, that manage all Vortex Energy investments 
and initiatives.

As of the end of 2018, Vortex had a portfolio of wind and solar assets of 822MW 
acquired through various investments amounting to approximately EUR 1.3bn, 
spanning the UK, Spain, France, Portugal and Belgium. Currently, the company 
has a full operational asset management team based in London.
Learn more about us at 
About EFG Hermes
With a current footprint spanning four continents, EFG Hermes started in Egypt 
and has grown over 35 years of success to become a leading financial services 
corporation with access to emerging and frontier markets. Drawing on our proven 
track record and a team of more than 5,500 talented employees, we provide a 
wide spectrum of financial services that include investment banking, asset 
management, securities brokerage, research and private equity to the entire 
MENA region. 

In 2015, EFG Hermes launched the NBFI Platform, EFG Hermes Finance, which will 
overlook activities in the non-banking finance field through EFG Hermes 
Leasing, Tanmeyah Microfinance, valU for instalment sale services and EFG 
Hermes Factoring. This falls in line with the Firm’s strategy to focus on two 
main pillars: product diversification and geographic expansion into non-MENA 
markets, which has seen the firm establish a physical presence in Pakistan, 
Kenya, Bangladesh, Nigeria, Vietnam, the United Kingdom and the United States.

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For further information, please contact: 
EFG Hermes Media

May El Gammal
Group Head of Marketing & Communications
+20 1001330480

Note on Forward-Looking Statements
In this press release, EFG Hermes may make forward looking statements, 
including, for example, statements about management’s expectations, strategic 
objectives, growth opportunities and business prospects. These forward-looking 
statements are not historical facts but instead represent only EFG Hermes’ 
belief regarding future events, many of which, by their nature are inherently 
uncertain and are beyond management’s control and include among others, 
financial market volatility; actions and initiatives taken by current and 
potential competitors; general economic conditions and the effect of current, 
pending and future legislation, regulations and regulatory actions. 
Accordingly, the readers are cautioned not to place undue reliance on 
forward-looking statements, which speak only as of the date on which they are 

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Source: Vortex Energy