EFG Hermes-managed renewable energy platform Vortex Energy has agreed to sell its 49% stake in a 998MW wind portfolio to unnamed institutional investors advised by JP Morgan Asset Management.
The portfolio includes 56 projects – co-owned and managed by EDP Renewables – in Spain, France, Portugal and Belgium.
The transaction is subject to the completion of certain conditions precedents.
EFG Hermes head of private equity and asset management Karim Moussa said: “The sale of Vortex Energy’s wind assets demonstrates our ability to acquire, manage and exit renewable energy investments on a global scale.
“We launched Vortex Energy exactly four years ago and have grown to become a prominent renewable energy-focused investment manager in Europe and the UK with a solar and wind portfolio of 822MW and combined executed transactions in excess of €2.4bn.
“We remain highly committed to the clean energy market and are now embarking on a new chapter in Vortex’s growth story.”
JP Morgan Asset Management infrastructure investments group managing director Matthew LeBlanc said: “We are delighted to acquire the operational wind interests of Vortex Energy, which delivers sustainable, risk-adjusted returns to our investors, which include pension schemes representing over 25 million families.
“The acquisition builds upon our investment momentum in renewables, complementing our European operational wind platform Ventient Energy, and increases our renewables energy production capacity to over 3.8GW.
“We are excited to partner with the EDPR alongside our other renewables businesses to continue to grow a truly pan-European renewables independent power producer.”
Merrill Lynch was sell-side M&A advisor to Vortex, while Shearman & Sterling and Linklaters provided legal advice, PwC financial and tax, DNV GL technical and Baringa market advice.