KUALA LUMPUR (March 4): Tenaga Nasional Bhd has completed its acquisition of two UK-based renewable energy (RE) firms.

In a bourse filing today, the utility giant said its unit, Tenaga Wind Ventures UK Ltd, had acquired the remaining 20% stake in GVO Wind Ltd and Bluemerang Capital Ltd for £18.6 million (RM100 million).

Tenaga said the combined platform make up 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.

To recap, Tenaga had on March 1, 2018 announced it had acquired an 80% stake in GVO Wind and Bluemerang Capital for £77.37 million from Georg von Opel and Tanzanite B.V. & Catalin Breaban.

On the rationale for the acquisition, Tenaga had said then that it was part of its five-year International Expansion Roadmap.

Tenaga said acquiring the onshore wind assets was also in line with its strategy on RE expansion under the Reimagining Tenaga strategy to position itself as one of the top global utility players by 2025.

Tenaga said it intends to grow its RE portfolio to an optimal size via greenfield development or acquire other RE portfolio of similar or complementary technology.

The company said it has actively managed the wind farm assets since its acquisition in 2018.

“The assets have performed positively, contributing RM76 million (£14.4 million) Ebitda in 2019. The assets have shown tremendous growth from 62% Ebitda margin at acquisition to 74% Ebitda margin in 2019,” it said.

At the midday break today, Tenaga added 0.16% or two sen to RM12.52, valuing it at RM71.20 billion.