Vortex Energy will inject more than €625 million into Ignis to help Ignis develop and maintain its portfolio.
SÓLIDA, Technical Advisor of the biggest purchase operation in 2021
It seems that fears that RDL17/2021 could scare away foreign investment in renewables have not been fulfilled so far. Vortex Energy, a fund managed by the Egyptian financial giant EFG Hermes, has reached a definitive agreement with Ignis Energy Holdings, the parent company of the renewables arm Ignis Group.
EFG says that Vortex Energy will inject more than 625 million euros into Ignis through its recently launched Vortex Energy IV Fund and its co-investors, “through a series of capital injections over the next few years”, without specifying a period and “subject to certain conditions”.
Thus, Ignis will finance its growth plans and will be able to “become a fully integrated renewable IPP in Spain and other geographies”, it says in a statement, so that Ignis, which until now developed projects for third parties, will now develop its own portfolio: “this capital contribution from Vortex Energy will allow Ignis to own and operate a growing part of the projects it develops” Ignis’s solar and wind portfolio exceeds 20 GW: 14.2 GW are in Spain and another 8 GW distributed in Europe, North America, Latin America and Asia Pacific. In September of last year, TotalEnergies announced that it would build 3.3 GW of photovoltaics in Spain by 2025 through an agreement with Ignis. For its part, Vortex manages solar and wind projects totaling 822 MW.
The transaction is subject to Spanish regulatory approval and certain conditions precedent. Vortex Energy has been advised by Santander and Royal Bank of Canada (financial), Watson Farley Williams (legal) and Sólida Energías Renovables (technical). Ignis has been advised by Citi (financial) and Cuatrecasas (legal).
Original News: PV Magazine