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EFG Hermes partners with Spain's Ignis Energia for $725 million investment

·1-min read
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo

MADRID (Reuters) - Investors led by Egypt's EFG Hermes have pledged to pour more than 625 million euros ($725.75 million) into Ignis Energia in return for a stake in the Spanish renewable energy developer, the companies said on Monday.

The deal struck by Vortex Energy, a platform managed by Egypt's largest investment bank, is the latest in a series of cross-border investments in renewable energy, a sector boosted by global targets to cut planet-warming carbon emissions.

Founded in 2015, Ignis wanted funds to help it develop a portfolio which contained renewable projects with more than 14 gigawatts of capacity in 2020.

Vortex Energy will make the investment in stages over the coming years through a series of capital injections, the companies said in a statement. The total 625 million euros would represent 49% of Ignis, a person familiar with the matter said.

Ignis was managing sites with 2.9 GW in total capacity in 2020, turning over 130 million euros ($154.05 million) and employing 200 people, according to its website. It struck a deal to develop a 3.3 gigawatt pipeline of projects with France's TotalEnergies last year.

Santander, Royal Bank of Canada and Watson Farley Williams advised Vortex Energy, while Citi and Cuatrecasas worked for Ignis. 1

($1 = 0.8612 euros)

(Reporting by Isla Binnie; Editing by Chizu Nomiyama)

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