EFG Hermes’ Vortex Energy sells controlling stake in its UK solar portfolio

EFG Hermes‘ renewable energy investment company Vortex Energy has sold on Sunday a controlling stake in its UK solar energy portfolio, Vortex III, to Malaysian utilities company TNB International, according to a statement.

The agreement is with an enterprise value of £500 million ($647 million ), Vortex’s statement read.

The Vortex III portfolio, which contains solar assets producing 365 MW of power, generated returns some 1.5x the size of Vortex Energy’s initial cash investment of £470 million ($607.8 million) in 2017.

The Egyptian investment bank now wants to build a new Vortex IV renewables portfolio, potentially investing up to $600 million in projects in Europe, Mexico, Chile and Australia, EFG’s head of asset management and private equity, Karim Moussa, told Bloomberg.