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Malaysian firm buys 80 pct stake in 2 British renewable energy firms

2018-03-02 14:55

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Malaysian utility company Tenaga Nasional Bhd (TNB) has bought an 80 percent stake in two British renewable energy companies for a cash of 77.37 million pounds (106.42 million U.S. dollars) to step up its overseas expansion.

TNB told Malaysian stock exchange in a statement on Wednesday that the group's wholly owned subsidiary Tenaga Wind Ventures UK Ltd (Tenaga Wind) had completed its acquisition of an 80 percent stake in GVO Wind Ltd and Bluemerang Capital Ltd.

The stake was acquired from the German billionaire Georg von Opel, AtlasInvest Holding BVBA's subsidiary Tanzanite B.V. and Bluemerang Capital's co-founder Catalin Breaban.

GVO Wind and Bluemerang Capital own the largest feed-in tariff wind portfolio in Britain, comprising 53 operational onshore medium wind turbines with a total combined capacity of 26.1 megawatt (MW).

TNB said the acquisition, a part of TNB's five-year international expansion roadmap, is in line with TNB's strategy on renewable energy expansion under reimagining tenaga strategy to position TNB as one of the top global utility players by 2025.

The acquisition will raise TNB's total international renewable energy portfolio to about 280MW, according to TNB.
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