An equity group has agreed to buy one of the UK’s largest solar energy portfolios.
European renewable energy platform Vortex, which is managed by the private equity arm of EFG Hermes, will buy from Terraform Power.
Valued at £470 million, the 24 operational assets included in the sale have an average age of two years and an average estimated useful life of 30 years.
The portfolio is backed by the UK Government’s Renewable Obligation Certificates and 14-year power purchase agreements.
It carries project finance debt of £300m which Vortex says it intends to refinance following the completion of the transaction.
Karim Moussa, Head of Private Equity at EFG Hermes said: “The United Kingdom is a key contributor to Europe’s solar market. This portfolio offers us an attractive entry point with a long term investment proposition in the country.”