EFG Hermes' subsidiary invests €625M in Spanish renewable energy company

BY

-

Mon, 04 Oct 2021 - 01:19 GMT

BY

Mon, 04 Oct 2021 - 01:19 GMT

Renewable energy plants- Reuters

Renewable energy plants- Reuters

CAIRO – 4 October 2021: The private equity arm of EFG Hermes, Vortex Energy, has entered into a definite agreement with Ignis Energy Holdings, parent company of Spanish independent integrated renewable player Ignis Group.

According to EFG Hermes, its private equity arm will inject more than €625 million (US$725 million) through its newly launched Vortex Energy IV Fund and its co-investors into Ignis via a series of capital injections, which will be deployed over the coming few years subject to certain conditions.

“This will allow Ignis to fund its growth plans and transform into a fully integrated renewable IPP in Spain and other geographies,” it clarified.

The company added that this capital contribution from Vortex Energy will allow Ignis to own and operate a growing share of the projects that it develops.

 "In Vortex Energy, we have identified a great partner that is aligned with our vision and committed to maximizing Ignis' potential. The Ignis management team looks forward to working with Vortex Energy in this next stage of growth and transformation,” Founder and CEO of Ignis, Antonio Sieira, said.

For his part, Karim Moussa, CEO of Vortex Energy said that Ignis has an extraordinary team, with a visionary plan to create an international renewable IPP in the coming years. Vortex Energy will support Ignis to achieve its objectives and work to deliver its significant value creation potential.

The deal is subject to Spanish regulatory approval and certain conditions precedents.

Vortex Energy has been advised by Santander and Royal Bank of Canada (financial) and Watson Farley Williams (legal). Ignis has been advised by Citi (financial) and Cuatrecasas (legal).

 

EFG Hermes operates within the Diversified Financials sector focusing on Investment Banking and Brokerage. It has subsidiaries operating across the Carribian, Northern Africa and Middle East.

 

 

 

 

Comments

0

Leave a Comment

Be Social