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.
The deal represents EFG Hermes’ third major acquisition of European renewables assets since diving into the market in 2014, and its first focused on solar and the UK.
