EFG Hermes' Vortex platform to invest EUR625m in Ignis Energy's development

Oct 4, 2021 04:02 PM ET
  • Vortex Energy has actually accepted spend more than EUR625 million (US$ 725 million) right into Ignis Energy Holdings with a series of funding injections that intend to develop Ignis into a "fully incorporated eco-friendly IPP" in Spain and elsewhere.
EFG Hermes' Vortex platform to invest EUR625m in Ignis Energy's development
Image: Vortex

Managed by the private equity arm of EFG Hermes, Vortex will invest the money through its freshly introduced Vortex Energy IV Fund, with the money being given over "the coming couple of years based on specific conditions", the company claimed.

Vortex's resources payment will allow Ignis Energy Holding, moms and dad business of the Spanish independent renewable firm Ignis Group, to have and also operate a greater share of the projects it creates. Ignis currently has greater than 20GW under development via its platform, the company stated.

"In Vortex Energy, we have actually determined a great companion that is straightened with our vision and also devoted to making the most of Ignis' potential," said Ignis creator as well as Chief Executive Officer Antonio Sieira.

"Ignis has an extraordinary team, with a visionary strategy to develop a worldwide renewable IPP in the coming years. Vortex Energy will sustain Ignis to attain its objectives as well as work to provide its considerable value production capacity," stated Karim Moussa, Chief Executive Officer of Vortex Energy.

Vortex was developed in 2014 as a renewable energy financial investment platform and also has because put together a 822MW European portfolio with various financial investments representing EUR1.3 billion (US$ 1.5 billion).

Ignis was produced in 2015 and also has actually been "associated with the development of a profile of [around] 14GW of solar and wind projects in Spain" and approximately 8GW outside the nation.

Last year, Ignis sold 3.3 GW of Spanish solar projects to French oil major Total.

The deal undergoes Spanish regulative approval and also particular problems precedents.

Vortex Energy was encouraged by Santander and also Royal Bank of Canada for economic issues as well as Watson Farley Williams for lawful. Ignis was suggested by Citi (financial) and Cuatrecasas (legal).

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