Karim Moussa, head of private equity and asset management at EFG Hermes - Press Photo
CAIRO - 17 December 2017: Vortex has sold a 45 percent equity stake in its solar power portfolio to Malaysia’s second-largest pension fund, Kumpulan Wang Persaraan (KWAP) in a £67.5 million transaction.
Vortex, which is one of Europe’s foremost renewable energy investment platforms and is managed by EFG Hermes, made the agreement in-line with Vortex’s strategy of eyeing key investors from around the globe to diversify its partner base.
The company will continue to maintain a 5 percent long-term shareholding in Vortex Solar, having acquired 365 MW of solar PV producing assets in the United Kingdom from TerraForm Power in January 2017.
“KWAP fits very well strategically as a long-term future partner to Vortex and EFG Hermes… it is a reputable institutional investor with assets under management of around $30 billion across multiple asset classes, globally,” said Karim Moussa, head of private equity and asset management at EFG Hermes.
This will be KWAP's first direct investment in the renewable energy sector. "We intend to increase our exposure in real assets, and renewable energy is one of most active sectors in the infrastructure asset class for deal flow, globally," KWAP’s CEO Dato’ Wan Kamaruzaman bin Wan Ahmad added in the statement.
The transaction is expected to close within the coming weeks.
EFG Hermes achieved 476 percent year-on-year increase in net profit in the third quarter (Q3) of 2017 to stand at LE 237 million.
The company's revenues recorded a 184 percent year-on-year increase to stand at LE 834 million, attributed to diversification of the company's products and the company’s expansion.