Global renewables platform Vortex Energy will invest over €625m into Spanish developer Ignis through its newly launched fund.
The investment will enable Ignis to become a fully integrated renewables independent power producer and own a greater share of the projects that it develops both in Spain and globally.
Vortex Energy will own a 49% stake in Ignis Energy, following the transaction.
Vortex was established in 2014 as an investment platform, sponsored by the Private Equity arm of EFG Hermes, via Luxembourg-based Beaufort Investments, to pursue renewable energy investments globally.
As of the end of 2020, Vortex had a circa €1.3bn 822MW European portfolio of wind and solar assets, spanning the UK, Spain, France, Portugal and Belgium.
Ignis invests and co-invests in energy assets and has a portfolio of 14GW renewable energy projects under development in Spain and a further 8GW across the rest of Europe, North America and the Asia Pacific region.
Watson Farley & Williams advised Vortex Energy on its acquisition of a 49% stake in Ignis.