Tenaga Nasional Buys 20% Stakes in U.K. Green Energy Firms for GBP18.6 Million

   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 [e-mail]

(END) Dow Jones Newswires

March 04, 2020 01:28 ET (06:28 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.