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Vortex Energy invests €222m into Ignis

The investment is part of a series of capital increases done by Ignis and funded by Vortex Energy IV and its co-investors to support transforming into a 20GW renewable energy platform.

Vortex Energy, a leading renewables-focused investment vehicle in Europe, managed by the private equity arm of EFG Hermes, has announced today that it invested to-date in Ignis €222m of equity capital, consequently fulfilling its terms of its partnership with Ignis that it initiated last year.

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. We cherish our partnership with Vortex Energy and look forward to a bright future together.”

Since Vortex Energy’s initial investment in Q4 2021, Ignis has been executing effectively on its ambitious growth strategy with more than 1GW of Ignis’ Spanish portfolio secured with all key permits to reach ready-to-build (RTB) status.

Karim Moussa, CEO of Vortex Energy: “We are extremely delighted with the achievements of Ignis in such a short period of time and during these challenging market conditions. Ignis’ management skills and quality of its portfolio continue to solidify its market position. We are here to support this partnership ensuring our strategic goals are met and will continue funding our common growth path.”

The company is set to start site preparations and will have c. 500MW in construction in due course. Ignis’ management has been actively negotiating more than 500MW of bilateral PPAs with blue-chip and reputable off-takers. Moreover, the company has expanded its international footprint to aggregate 11GW of solar, wind and battery storage pipeline outside of Spain.

Vortex Energy continues its active strategy to support Ignis’ growth with €46m of equity set to be injected in Q4 2022 and a further €176m of equity in Q1 2023.

Ana Peris Caminero, COO of Vortex Energy: “Ignis’ unique execution power and its deep energy management as well as its operational know-how is critical today more than ever in our industry. We are committed to continue helping Ignis’ management to build its sizable IPP portfolio in Spain and internationally.” — business@khaleejtimes.com