Equity contributions will allow Ignis to continue to execute its high growth development activities for its 20 GW platform
MADRID, October 6, 2021 / PRNewswire / – Vortex Energy, a global renewable energy platform managed by the private equity arm of EFG Hermes, has reached a definitive agreement with Ignis Energy Holdings, parent company of the integrated independent Spanish player of renewable energies Ignis Group.
Vortex Energy will inject more than 625 million euros through its new Vortex Energy IV fund and its co-investors in Ignis via a series of capital injections, which will be rolled out over the next few years under certain conditions. This will allow Ignis to fund its growth plans and transform into a fully integrated renewable IPP in Spain and other geographies.
This capital contribution from Vortex Energy will allow Ignis to own and operate a growing share of the projects it is developing.
Antonio Sieira, founder and CEO of Ignis: “In Vortex Energy, we have identified a great partner who matches our vision and is committed to maximizing the potential of Ignis. The Ignis management team looks forward to working with Vortex Energy in this next stage of growth and transformation.
Karim Moussa, CEO of Vortex Energy: “Ignis has an amazing team, with a visionary plan to create an international, renewable IPP in the years to come. Vortex Energy will support Ignis to achieve its goals and work to deliver its significant potential for value creation.
The agreement is subject to Spanish regulatory approval and certain conditions precedent.
Vortex Energy was advised by Santander and Royal Bank of Canada (financial) and Watson Farley Williams (legal). Ignis was advised by Citi (financial) and Cuatrecasas (legal).
Vortex Energy was created in 2014 as an investment platform, sponsored by the Private Equity branch of EFG Hermes, via Luxembourgbased at Beaufort Investments, to continue investing in renewable energy globally. Beaufort Investments and its affiliates include a team of 15 dedicated infrastructure and private equity specialists with extensive experience in global infrastructure and renewable energy, who manage all of Vortex Energy’s investments and initiatives.
At the end of 2020, Vortex had already aggregated, managed, optimized and sold a European portfolio of 822 MW of wind and solar assets through various investments amounting to approximately 1.3 billion euros, covering the UK, Spain, France, Portugal and Belgium. Currently, Vortex has a full operational asset management team based in London and a new office at ADGM, where the investment team will be located.
Learn more about us on www.vortexenergy.ae.
About EFG Hermès
With a current presence in thirteen countries on four continents, EFG Hermes started in Egypt and has grown over 37 successful years to be a leading financial services company with access to emerging and frontier markets. With our proven track record and a team of over 5,500 talented employees, we offer a wide range of financial services including investment banking, asset management, securities brokerage, research and financial services. investment capital to the entire MENA region.
In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI) Platform, which monitors activities in the field of non-bank finance covering microfinance, leasing, factoring, Buy-Now Pay -Later (BNPL), mortgage and insurance. This fits in with the company’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has enabled the company to establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the UK and United States.
For more information on EFG Hermes, visit www.efghermes.com and stay connected with us.
Note on forward-looking statements
In this press release, EFG Hermes may make forward-looking statements, including, for example, statements regarding management expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but represent only the belief of EFG Hermes regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management and include, among others, the volatility of financial markets ; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, current and future laws, regulations and regulatory measures. Therefore, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
Ignis is an integrated renewable energy group, engaged throughout the value chain, from development to operations to energy services. Since its creation in 2015, Ignis has participated in the development of a portfolio of c. 14 GW of solar and wind projects in Spain and C. 8 GW in Europe, North America, Latin America and Asia Pacific. In 2020, Ignis announced the sale to Total Energies of 3.3 GW of Spanish solar projects.
SOURCE Energy Vortex