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Egypt’s EFG Hermes Sells U.K. Solar Assets For More Than $600 Million

  • The deal values Vortex III portfolio at almost $650 million
  • EFG may invest $600 million building a new renewable portfolio
Photovoltaic cells are arranged on solar panels
Photographer: Andrey Rudakov/Bloomberg

Egyptian investment bank EFG-Hermes Holding Co. sold a controlling stake in a U.K. solar-energy portfolio to a Malaysian utility in a deal that values the assets at 500 million pounds ($647 million).

EFG-Hermes’s private equity arm sold the stake in Vortex III, a photovoltaic portfolio with 365 megawatts of capacity, to TNB International, a subsidiary of Tenaga Nasional Bhd., the Egyptian company said in a statement Thursday. Vortex III generated earnings before interest, tax, depreciation and amortization of 39 million pounds last year, the bank said.