Enertis, Technical Advisor on the Sale of 365MW Terraform Power UK portfolio to Vortex
The portfolio (24 operational solar PV plants), valued at an Enterprise value of ₤470 million, is owned by TerraForm Power and is one of the largest portfolios of solar PV in the United Kingdom.
Enertis, a global consulting firm specialized in providing technical advisory, engineering, quality assurance services and a leader in the international renewable energy sector, has been the technical advisor for the acquisition of the 365 MW solar PV portfolio by Vortex from Terraform Power.
Vortex, a European renewable energy platform managed by the private equity arm of the MENA region largest investment bank EFG Hermes, was established in 2014 to pursue yielding renewable energy assets in Europe.
With this transaction, Vortex has successfully deployed c. USD 1.4 billion in the European renewables market since 2014 after acquiring net installed wind capacities of 457 MW through assets managed by EDP Renováveis SA across four Western European jurisdictions, bringing the total net capacity under management to 822MW.
The portfolio comprises 24 operational solar farms developed under the Renewables Obligation scheme and is valued at an Enterprise value of ₤470 million (around €540 million). The sites benefit from 14-year power purchase agreements.
Thus, Enertis increases its extensive experience in technical consultancy, positions itself as one of the fastest growing consultancy in this market and as a technical consulting company of reference for financial entities, investors and promoters involved in the renewable energy industry worldwide.
To date, Enertis has been involved in 200 individual solar PV projects in the UK totaling an aggregate power of 1,250MW. Enertis has provided more than 100 technical due diligence evaluations for individual solar plants, more than 75 construction and asset verification reports, and several bankability assessments of equipment manufacturers.
With regard to testing and operational analysis, Enertis has tested more than 7,250 solar PV modules of all technologies for solar PV projects in the UK (as per IEC 61215 standard) using our accredited PV Mobile Lab. Additionally, Enertis has used field testing to benchmark or solve operational issues at plants totaling more than 250 MW.
According to José Luis Galindo, CEO of Enertis “We have closed 2016 by participating in a very relevant secondary market portfolio transaction in Europe, what reinforces our position as experts in technical advisory on relevant operations in the global photovoltaic sector.”
Enertis, with office in the UK, operates in this market since 2012.