EFG Hermes, the Middle East investment bank, has agreed to spend $580m buying a 365MW portfolio of operating solar projects in the UK from TerraForm Power, substantially expanding its presence in the European renewables market.
Vortex, a renewable-energy “platform” managed by EFH Hermes’ private-equity unit, will acquire one of the UK’s largest solar portfolios from TerraForm, the US-based yieldco attempting to unwind its ties with bankrupt parent SunEdison.
