KUALA LUMPUR: Tenaga Nasional Bhd
’s (TNB) wholly-owned subsidiary Vantage RE Ltd has accomplished a 275 million-pound (RM1.56 billion) financing exercise via refinancing of its Vantage Solar UK (VSUK) portfolio of solar power plants within the United Kingdom (UK).
The financing facility with Macquarie Asset Management, organized by Standard Chartered Bank, is a part of Vantage RE’s administration initiative to optimise VSUK’s financing construction and offering better funding certainty over the long term.
“The refinancing exercise has confirmed that the portfolio is ready to meet the lender’s expectation on the environmental, social and governance (ESG) compliance via the portfolio’s efficiency, which is aligned with the European Union’s taxonomy for sustainable actions.
“The exercise reinforces TNB’s journey in attaining its international ESG imaginative and prescient,” TNB president and chief government officer Datuk Baharin Din stated in a press release as we speak.
The 365 MW solar portfolio, which contains 24 ground-mounted solar photovoltaic plants positioned throughout England and Wales, makes an vital contribution to the UK’s provide of unpolluted power, TNB stated.
As estimated by Macquarie’s Green Investment Group, the portfolio produces sufficient electrical energy annually to power the equal of greater than 90,000 houses whereas serving to to keep away from about 3,300 kilotonnes of carbon dioxide equal emissions over the remaining lifetime of the portfolio.
TNB stated the refinancing exercise is one other precious contribution offered by Vantage RE to the solar portfolio below its administration.
Since assuming administration management of VSUK’s portfolio final 12 months, the portfolio’s EBITDA (earnings earlier than curiosity, taxes, depreciation and amortisation) efficiency has improved by about 28 per cent from 30.3 million kilos (RM172.4 million) in 2020 to 38.7 million kilos (RM220.2 million) in 2021.
“TNB is assured below Vantage administration, VSUK’s portfolio will develop in worth and proceed to offer acceptable returns to its traders,” the corporate stated. – Bernama
