Cairo – Mubasher: Vortex Energy, a renewable energy platform managed by Egyptian Financial Group Hermes Holding (EFG Hermes), has invested to date EUR 222 million of equity capital in Ignis, an integrated renewables group.
The investment comes in line with Ignis’ growth strategy with more than 1 gigawatt (GW) of a ready-to-build solar portfolio in Spain, according to a press release on Tuesday.
The Spanish company’s management has been negotiating more than 500 megawatts (MW) of bilateral power purchase agreements (PPA) with several off-takers.
Furthermore, the company expanded its international business to aggregate 11 GW of solar, wind, and battery storage pipelines outside Spain.
Meanwhile, Vortex Energy is supporting Ignis’ expansion plans with EUR 46 million of equity set to be injected in the fourth quarter (Q4) of 2022, in addition to EUR 176 million in the first quarter (Q1) of 2023.
The CEO of Vortex Energy, Karim Moussa, noted: "We are here to support this partnership ensuring our strategic goals are met and will continue funding our common growth path."
Meanwhile, the Founder and CEO of Ignis, Antonio Sieira, said: "We continue achieving key milestones on the route of taking Ignis to become a major global fully-integrated renewable energy company."
It is worth noting that EFG Hermes logged consolidated net profits worth EGP 448.10 million in Q1-22, an annual leap of 43.50% from EGP 312.13 million.
