UAE - Mubasher: Vortex Energy, a renewable energy platform managed by EFG Hermes, has announced the first close of $200 million for its fourth fund, Vortex Energy IV.
Led by EFG Hermes and Abu Dhabi sovereign institutional investors and family offices, the $200 million close included a $25 million conditional commitment, according to a press release on Wednesday.
Vortex Energy IV was established in Abu Dhabi Global Markets (ADGM) where the team will work with Vortex Energy’s existing team in London.
Vortex Energy IV will focus on all energy transition verticals, including generation, storage, EV charging facilities, and supply and demand-side energy services across the developed and developing European countries, North America, Latin America, and Australia.
The fund will also cover the entire asset lifecycle including operating plants, independent power producers (IPPs), development companies, and greenfield, commercial, and industrial solutions.
Since its establishment in 2015, Vortex Energy has focused on renewable energy investments and completed the full cycle of investment and divestment of c. 822 megawatts (MWs) of wind and solar energy assets in Europe.
The Head of Private Equity and Asset Management at EFG Hermes and CEO of Vortex Energy, Karim Moussa, said: "I am confident that with our track record of deploying more than $1.6 billion in European assets and returning double-digit IRRs, we will be able to grow a substantial asset base for our fund investors. We are also excited to continue building our business and investor base to reach our target size for the fund of $750 million within the coming two years."
Meanwhile, the CIO of Vortex Energy, Bakr Abdel Wahab, commented: "The landscape is changing and energy transition investments are becoming more complex compared to traditional assets with long-term contracted cash-flow profiles."
