Vortex, a renewable energy platform managed by Arabian EFG Hermes’ private equity arm, has closed a £337 million refinancing of a 365 MW portfolio comprising 24 operational PV solar farms in the UK. According to international law firm Watson Farley & Williams (WFW) the lenders include Santander and RBS as lead arrangers as well as Allied Irish Bank, Banco Sabadell, Caixabank, Commonwealth Bank of Australia, ING and Natixis.

In January, Terraform Power, Inc., US yieldco of bankrupt Sunedison Inc., announced that its subsidiary, Terraform Power Operating, LLC, has entered into an $580 million agreement to sell the 365 MW portfolio to Vortex. According to the company, the UK portfolio is one of the largest portfolios of solar projects in the United Kingdom and was assembled by Terraform Power in 2014 and 2015. UK-based PV power plant developer and operator Lightsource Renewable Energy Ltd. provide long-term operations and maintenance (O&M) and asset management services to Vortex.

Vortex’s equity is jointly held in equal shares by EFG Hermes and Tenaga Nasional. EFG Hermes, which is listed on both the Cairo and London stock exchanges, is a MENA investment bank specializing in securities brokerage, asset management, investment banking, private equity, research, leasing and consumer finance. Tenaga Nasional is both the main electricity company operating in peninsular Malaysia and Southeast Asia’s largest power company.