Vortex pours EUR 222m into Ignis, to double investment in early 2023
Solar park in Spain. Featured Image: MilaCroft/Shutterstock.com
Vortex Energy has, to date, invested around EUR 222 million (USD 237.3m) in Spanish renewables group Ignis and expects to double its equity injection by the end of next year’s opening quarter.
The investor, a renewables-focused investment vehicle managed by the private equity arm of Egyptian bank EFG Hermes Holding SAE, said in a statement on Tuesday it anticipates pouring a further EUR 46 million of equity into Ignis in the fourth quarter of 2022 and an additional EUR 176 million in the first quarter of 2023.
Vortex made its initial investment in Ignis in the final quarter of 2021 and since then the Spanish group has secured all key permits to achieve ready-to-build (RTB) status for more than 1 GW of solar projects. Now, Ignis is gearing up to begin site preparations so it could start building 500 MW of capacity “in due course”. According to the announcement, the company’s management has been actively negotiating over 500 MW of bilateral power purchase agreements (PPAs) with blue-chip and reputable off-takers.
“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,” said Karim Moussa, CEO of Vortex Energy.
Since its establishment in 2015, Ignis has been involved in the development of around 14 GW of solar and wind projects in Spain and some 8 GW in Europe, North America, Latin America and Asia Pacific.