Vortex Energy Aims To Inject €176M Investments In Ignis' Expansion - Dailynewsegypt
Date
4/27/2023 4:36:49 AM
(MENAFN- Daily News Egypt) Vortex Energy, the energy investment arm of EFG Hermes, aims to inject new investments in the capital of global Ignis, amounting to €176m, in this quarter.
Relevant sources said that the investments are aimed at financing the upcoming expansions of Ignis Energy, which include launching a platform with a capacity of approximately 500 megawatts.
The sources told Daily News Egypt that the company is negotiating to purchase energy with a total capacity of 500 megawatts with a group of international companies operating in the field, in addition to expanding globally outside the Spanish market to secure energy sources with a capacity of approximately 11 GW, including solar energy, wind energy and energy storage batteries.
Last June, Vortex Energy made a capital investment of €222m in Ignis, as part of its commitment to the terms of cooperation between the two companies, which began last year.
The sources pointed out that Vortex Energy has invested about €300m so far in the capital of Ignis.
Karim Moussa, CEO of Vortex Energy, said that Ignis has made exceptional achievements during the short period, despite the fluctuations in the markets during the current stage.
He added that Ignis has a strong portfolio, as both parties contribute to consolidating the company's position in the market, and Vortex Energy fully supports this partnership, as long as it guarantees the achievement of its strategic goals. He noted that the company will continue to finance the common growth path to achieve future growth plans.
On the other hand, Ana Pires Caminero, Chief Operating Officer of Vortex Energy, said that Ignis has many advantages that qualify it to compete in the renewable energy sector, including operational capabilities and competencies, as well as extensive experience in the energy field.
She stressed Vortex Energy's commitment to continue supporting Ignis' management in building independent, integrated international renewable energy plants in Spain and other countries of the world.
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