Tenaga Nasional Buys 20% Stakes in U.K. Green Energy Firms for GBP18.6 Million
04 März 2020 - 7:43AM
Dow Jones News
By Chester Tay
Tenaga Nasional Bhd. has bought the remaining 20% stakes in two
U.K. renewable-energy companies for 18.6 million British pound
($23.8 million).
Tenaga, via its wholly owned subsidiary Tenaga Wind Ventures UK
Ltd, enters into two share-purchase agreements with Tanzanite B.V.,
Catalin Breaban and Georg von Opel to acquire the stakes in
Bluemerang Capital Ltd. and GVO Wind Ltd, the Malaysia-based
utility giant said Wednesday.
Tenaga said the wind-farm assets contributed GBP14.4 million
earnings before interest, tax, depreciation and amortization in
2019, with an improved Ebitda margin of 74% from 62% in 2018.
Tenaga bought an 80% stake in each of the two companies in March
2018 for a total of GBP77.37 million, which it said was in line
with its strategy to grow the renewable-energy portfolio.
The two U.K. companies collectively operate 53 onshore wind
turbines with a total combined capacity of 26.1MW.
Tenaga's 2018 annual report said that its total renewable energy
capacity outside of Malaysia was 324.9MW, of which 143.6MW was from
wind power, 131.3MW was from hydro power and 50MW from solar
power.
Write to Chester Tay at chester.tay@wsj.com
(END) Dow Jones Newswires
March 04, 2020 01:28 ET (06:28 GMT)
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