Vortex, the renewable energy platform of EFG Hermes’ private equity arm, has finally closed its purchase solar assets from SunEdison yieldco TerraForm Power.
And Karim Moussa, head of asset management and private equity at EFG Hermes, claimed the company was not finished in the European market and had itself a target owning more than 2GW of operational solar and wind capacity within the next three years.
The deal was first announced in January this year and has closed some four months later.
The 24 sites have a total generation portfolio of 365MW and the single purchase catapults Vortex into becoming one of the largest holders of UK solar assets.
However Vortex has confirmed it plans to sell down a significant majority of its own equity share of the transaction.
Of the £470 million deal, 50% of the equity share capital was funded by Malaysian utility Tenaga Nasional Berhad. The remaining 50% of the equity was underwritten by EFG Hermes, with Vortex now looking to dispose of 45% of that equity share capital.
A 5% share will be retained, a strategy which Vortex said was in line with its previous transactions. The firm is also in the process of refinancing debt facilities linked to the portfolio however no further details of this refinancing were disclosed.