Dentons advises Tenaga Nasional Berhad on the refinancing of the Malaysian electricity utility’s UK Feed-in Tariff wind portfolio
Dentons has advised Tenaga Nasional Berhad (“TNB”), one of the largest utility players in Asia, on the refinancing of the UK-based wind portfolio acquired by TNB’s wholly owned subsidiary, Tenaga Wind Ventures UK Ltd, on 28 February 2018. The refinancing represents the first-ever overseas non-recourse project financing that TNB has undertaken.
A large team of Dentons lawyers from Edinburgh, Glasgow and London advised TNB on the refinancing. The core team was comprised of Charles July, Glasgow-based Banking and Finance partner Stuart Fitzsimmons, Corporate partner Candice Chapman, Energy partner Lucille De Silva, Tax partner Alex Tostevin, Edinburgh-based Energy partner David Cruickshank, and associates Daniel Saville, Edinburgh-based Gareth Tenner, Glasgow-based Euan Wallace, and Rachael Dixon.
This refinancing, provided by Bayerische Landesbank, follows on from TNB’s acquisition in February of an 80 per cent shareholding in two UK renewable companies, GVO Wind Limited and Bluemerang Capital Limited. The combined portfolio of these two companies is the largest Feed-in Tariff portfolio in the UK, comprising 53 operational onshore medium wind turbines with a total combined capacity of 26.1MW across the UK. The acquisition, on which Dentons also advised, was the Malaysian energy provider’s first foray into onshore wind in the UK.
Dentons Energy and Project Finance partner Charles July said, “We are very pleased to have advised TNB on another first for the company. Following its recent entry into onshore wind in the UK, TNB has now also completed its first non-recourse project financing – a significant step for the business as it progresses its strategy to position TNB as one of the top global utility players by 2025. We look forward to working with TNB in the future as it continues to grow and consolidate its renewable energy investments in the UK and globally.”