EFG-Hermes arm Vortex Energy stays the course with Ignis investments

Dubai: Vortex Energy, the renewables-focused investment vehicle managed by the private equity arm of EFG Hermes, has built an exposure of 222 million euros of equity capital in Ignis.

Ignis has been on an ambitious growth strategy with more than 1GW of its Spanish portfolio secured with all key permits to reach ready-to-build (RTB) status. The company is set to start site preparations and will have around 500MW in construction in due course. Ignis’ management is also negotiating more than 500MW of bilateral PPAs (power purchase agreements).

Vortex Energy’s initial investment was in Q4-2021. According to Antonio Sieira, founder and CEO of Ignis: “We continue achieving key milestones on the route of taking Ignis to become a major global fully-integrated renewable energy company.”

The company has expanded its international footprint to 11GW of solar, wind and battery storage pipeline outside of Spain. Vortex Energy will support Ignis with 46 million euros of equity set to be injected in the fourth quarter and a further 176 million euros of equity in Q1-2023.