Tenaga Nasional Berhad’s wholly-owned subsidiary, Vantage RE Ltd. has completed a GBP265 million or RM1.56 billion financing exercise through refinancing of its Vantage Solar UK (VSUK) portfolio of solar power plants in the United Kingdom.
The 365 MW solar portfolio, comprised of 24 ground-mounted solar PV plants located across England and Wales, makes an important contribution to the UK’s supply of clean energy. As estimated by Macquarie’s Green Investment Group, the portfolio produces enough electricity each year to power the equivalent of more than 90,000 homes whilst helping to avoid approximately 3,300 kilotonnes of carbon dioxide equivalent emissions over the remaining lifetime of the portfolio.
The financing facility with Macquarie Asset Management, arranged by Standard Chartered Bank, is part of Vantage RE’s management initiative to optimise VSUK’s financing structure and provide greater investment certainty over the longer term.
TNB President and Chief Executive Officer, Datuk Ir. Baharin Din, said “The refinancing exercise has proven that the portfolio is able to meet the lender’s expectation on the Environmental, Social and Governance (ESG) compliance through the portfolio’s performance which is aligned with the European Union’s taxonomy for sustainable activities. The activity reinforces TNB’s journey in achieving its global ESG vision.”
The exercise adds valuable contributions by Vantage RE to the solar portfolio under its management. Since assuming management control of VSUK’s portfolio last year, the portfolio’s EBITDA performance has improved by circa 28% from GBP30.3mil in 2020 to GBP38.7mil in 2021.
