Malaysian power company acquires UK FIT wind portfolio

Malaysia’s power company, Tenaga Nasional Berhad (TNB) has acquired 80% of two UK renewable energy companies – GVO Wind and Bluemerang Capital – for £171 million. 

This acquisition, via wholly owned subsidiary, Tenaga Wind Ventures UK, is TNB’s first foray into onshore wind in the UK but its second UK acquisition – in 2017 it acquired Vortex Solar’s photovoltaic assets. The acquisition sees the transfer of the largest Feed-in Tariff (“FiT”) wind portfolio in the UK, comprising 53 operational onshore medium wind turbines, with a total combined capacity of 26.1MW spread across the UK.

TNB said the acquisition was part of a five-year international expansion, in line with TNB’s strategy  to position TNB as one of the top global utility players by 2025. TNB said it intends to grow its renewable energy portfolio via greenfield development or acquiring other portfolios of similar or complementary technology.