Tenaga Wind Ventures UK has refinanced its 80% interest in GVO Wind  and Bluemerang Capital, two onshore wind companies acquired on 28 February.

The company, a wholly owned subsidiary of Malaysian utility Tenaga Nasional Berhad, opened a £120 million refinancing facility with Bayerische Landesbank.

The combined portfolio of the two companies means Tenaga Wind Ventures is the owner of the largest feed-in tariff portfolio in the UK, with 53 operational onshore wind turbines totalling 26.1MW. TNB said the refinancing exercise was the first overseas non-recourse acquisition refinancing that it has undertaken through a wholly owned subsidiary. TNB president and chief executive Datuk Seri Ir. Azman Mohd said, “This refinancing exercise is a significant step for TNB as we continuously expand our renewable energy operations under the Reimagining Tenaga strategy to position ourselves as one of the top global utility players by 2025.”

Karin Schramm, senior director of project finance at BayernLB, said: “We are delighted to form a partnership with TNB in this benchmark financing of the UK’s largest portfolio of single medium scale wind turbines. With this transaction, the bank supports TNB’s strategy to increase TNB’s investment in renewable energy and other environmental assets.”