Vortex Energy, a renewable energy platform managed by the private equity arm of EFG Hermes, has invested €46m in Ignis Energy.
Sources told Daily News Egypt that Vortex Energy will invest up to €476m 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 independent power producer (IPP) in Spain and other geographies.
They added: This capital contribution from Vortex Energy IV and its co-investors will allow Ignis to own and operate a growing share of the projects that it develops. And the platform aims to invest about €176m of equity in 1Q 2023.
Advisory services to Vortex Energy were provided by Santander and Royal Bank of Canada as financial advisor and Watson Farley Williams as legal advisor, while Citi provided financial advisory services and Cuatrecasas provided advisory services.
The company is set to start site preparations and will have about 500 MW in construction in due course. Ignis’ management has been actively negotiating more than 500 MW of bilateral PPAs with blue-chip and reputable off-takers. Moreover, the company has expanded its international footprint to aggregate c. 11 GW of solar, wind and battery storage pipeline outside of Spain.