Egypt’s EFG Hermes to Inject €625 M into Ignis Energy’s RE Plans

Highlights :

  • EFG Hermes’s Vortex Energy will pour over €625 million into RE firm Ignis Energy Holdings via a series of capital injections.
  • This will allow Ignis to fund its growth plans and transform into a fully integrated renewable IPP in Spain and other geographies.

Vortex Energy, a global renewable energy platform managed by the private equity arm of Egypt’s EFG Hermes, has entered into a definite agreement with Ignis Energy Holdings, parent company of Spanish independent integrated renewable player Ignis Group.

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Vortex Energy will inject over €625 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.

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

Ignis is an integrated renewables group, engaged across the value chain from development to operation to energy services. Since inception in 2015, Ignis has been involved 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 3.3GW of Spanish solar projects.

“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,” said Antonio Sieira, founder and CEO of Ignis.

Vortex Energy was established in 2014 as an investment platform, sponsored by the Private Equity arm of EFG Hermes, via Luxembourg-based Beaufort Investments, to pursue renewable energy investments globally.

“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,” said Karim Moussa, CEO of Vortex Energy.

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).

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.