December 21 (Renewables Now) - German onshore wind projects developer Vortex Energy said today it has agreed to unload its 49% stake in a 998-MW portfolio of European wind farms to institutional investors advised by JP Morgan Asset Management.
The particular portfolio consists of 56 operational wind parks in Spain, France, Portugal and Belgium. Vortex, an investment platform sponsored and managed by Egypt-based investment bank EFG Hermes (EGX:HRHO), owned the assets together with EDP Renovaveis SA (ELI:EDPR), renewables arm of Portuguese utility Energias de Portugal SA (ELI:EDP).
Specific terms of the deal and its financial value were not disclosed.
“We remain highly committed to the clean energy market and are now embarking on a new chapter in Vortex’s growth story,” said Karim Moussa, head of EFG Hermes. The private equity firm’s head of energy, Bakr Abdel-Wahab, added that EFG Hermes will continue to expand into new geographies and renewable energy segments.
The acquisition will lift JP Morgan Asset Management’s renewables capacity to over 3.8 GW, complementing Ventient Energy, its onshore wind platform. The completion of the deal is subject to a range of conditions precedents.
Vortex’s advisors in the transaction were BofA Merrill Lynch, Shearman & Sterling, Linklaters, PwC, DNV GL and Baringa.