Vortex Energy, a global renewable energy platform managed by the private equity arm of EFG Hermes, has entered into a definite agreement with Ignis Energy Holdings, the parent company of Spanish independent integrated renewable player Ignis Group.
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.
Antonio Sieira, founder and CEO of Ignis: “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.”
Karim Moussa, CEO of Vortex Energy: “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.”
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).
