EFG Hermes’ Vortex platform to invest €625m in Ignis Energy’s growth

Vortex CEO Karim Moussa (left) and Ignis founding partner and CEO Antonio Sieira (middle) at the signing ceremony. Image: Vortex

Vortex Energy has agreed to invest more than €625 million (US$725 million) into Ignis Energy Holdings through a series of capital injections that aim to develop Ignis into a “fully integrated renewable IPP” in Spain and elsewhere.

Managed by the private equity arm of EFG Hermes, Vortex will invest the money through its newly launched Vortex Energy IV Fund, with the money being provided over “the coming few years subject to certain conditions”, the company said.

Vortex’s capital contribution will allow Ignis Energy Holding, parent company of the Spanish independent renewable company Ignis Group, to own and operate a greater share of the projects it develops. Ignis currently has more than 20GW under development through its platform, the company said.

“In Vortex Energy, we have identified a great partner that is aligned with our vision and committed to maximizing Ignis’ potential,” said Ignis founder and CEO Antonio Sieira.

“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.

Vortex was established in 2014 as a renewable energy investment platform and has since compiled a 822MW European portfolio through various investments accounting for €1.3 billion (US$1.5 billion).

Ignis was created in 2015 and has been “involved in the development of a portfolio of [around] 14GW of solar and wind projects in Spain” and roughly 8GW outside the country.

Last year, Ignis sold 3.3GW of Spanish solar projects to French oil major Total.

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

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

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