Vortex Energy invests another EUR 46 mn of equity capital in Spain’s Ignis Energia: EFG Hermes’ clean energy investment platform Vortex Energy has invested EUR 46 mn of equity capital investment in Spain’s integrated renewables group Ignis Energia, Egyptian media outlet Al Borsa stated yesterday. The investment was made through the Vortex Energy IV Fund — which reached its first close of USD 200 mn in July 2021 — Al Borsa noted. A representative from EFG Hermes declined to comment when Enterprise Climate reached out.

This is part of a planned EUR 625 mn equity investment that could eventually see Vortex owning a 49% stake in Ignis, the two companies announced in a joint statement (pdf) in October 2021. In return, Vortex will receive an equity stake — reported by Reuters to be 49% — in Ignis. Vortex is due to invest a further EUR 176 mn of equity capital in Ignis in 1Q 2023, according to a June 2022 statement (pdf).

By our calculation, Vortex has now invested EUR 268 mn into Ignis, following its announcement in June that it had invested EUR 222 mn so far. The remaining EUR 181 mn is due to come over the course of 2023, Vortex Energy CEO Karim Moussa told EnterpriseAM at the time.

Ignis is using the investment to expand its portfolio, EnterpriseAM reported previously. Ignis has secured permits to add over 1 GW of capacity since the start of its partnership with Vortex, and as of June was set to begin construction on around half of that within months, EnterpriseAM reported. Most of this will be on solar projects in Spain, Moussa told EnterpriseAM. Ignis has been involved in developing some 14 GW of solar and wind projects inside Spain and c.11 GW in other parts of the world — primarily Italy, the US, and the UK, he added.

Advisors: Santander and Royal Bank of Canada were financial advisors on the EUR 46 mn capital injection, while Watson Farley Williams served as legal advisor. Citi provided financial advisory services and Cuatrecasas provided advisory services, according to Daily News Egypt.