Vortex Energy, a global renewable energy platform managed by the private equity arm of EFG Hermes, announced on Tuesday that it invested to-date in Spain’s Ignis 222 million euros ($237 million) of equity capital, consequently fulfilling its terms of its partnership with Ignis that it initiated last year.

Asharq Al-Awsat obtained a copy of EFG Hermes’s statement indicating that 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.

The company is set to start site preparations and will have 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 46 million euros of equity set to be injected in Q4 2022 and a further 176 million euros of equity in Q1 2023.

Antonio Sieira, founder and CEO of Ignis said, “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,” he added.

CEO of Vortex Energy Karim Moussa, for his part, said his company is 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,” he stressed.

Vortex Energy is here to support this partnership ensuring their strategic goals are met and will continue funding their common growth path.

Ana Peris Caminero, COO of Vortex Energy, stated that Ignis’ unique execution power and its deep energy management, as well as its operational know-how is critical today more than ever in this industry.

She said Vortex Energy is committed to continue helping Ignis’ management to build its sizable IPP portfolio in Spain and internationally.