DUBAI, March 6 EFG Hermes expects a deal for its
renewable energy platform Vortex to buy a portfolio of solar
power assets in Britain for 470 million pounds ($576.8 million)
from Sun Edison's Terraforma (TERP.O) to close in May or June, a
senior executive said on Monday.
The deal formed part of the bank's plan to grow Vortex's
assets to 2 gigawatts in the next few years from 820 megawatts
currently, Karim Moussa, chief executive of the investment bank
at EFG Hermes, told Reuters.
The bank said in January it had agreed to buy the portfolio
from Sun Edison. It includes 24 solar parks and has a combined
365 megawatts of power and an estimated useful life of around
three decades, it said at the time.
The bank would look to add to the portfolio after a period
of six to 12 months, said Moussa, who is also head of asset
management and private equity at the Egyptian bank.
"For the six to 12 months we will be looking to consolidate
our assets rather than make another investment," he said. "Our
last investment was 470 pounds so it’s a lot to digest for us.
Malaysian utility firm Tenaga Nasional Berhad (TENA.KL)
(TNB) is funding half of the 170 million-pound equity portion of
the transaction. The remaining 50 percent will be underwritten
by EFG Hermes which plans on eventually holding 5 percent of the
equity, consistent with previous transactions undertaken by
($1 = 0.8148 pounds)
(Reporting by Tom Arnold and Celine Aswad in Dubai, editing by