EFG Holding aims to raise $300mln in Vortex 4’s second funding round
- Date: 14-Dec-2023
- Source: Zawya
- Sector:Financial Services
- Country:Egypt
EFG Holding aims to raise $300mln in Vortex 4’s second funding round
Egypt - EFG Holding Group’s Vortex Energy has opened subscriptions for the second funding round of its Vortex 4 fund, aiming to raise $300m. The round is anticipated to close before year-end, as per a knowledgeable source.
The source indicated that the fund’s total size is expected to surpass $500m post-second closing, with a focus on attracting Gulf sovereign funds and European investors. The first closing brought in $200m.
The additional funds are earmarked for new investments to bolster Ignis Energy’s expansion. Vortex Energy has committed to investing €625m in Ignis over time and is considering a new acquisition of a significant player in the renewable energy sector.
To date, Vortex’s investment in Ignis Energy totals around €398m.
Since Vortex’s initial investment in the last quarter of 2021, Ignis has successfully executed its growth strategy. The Spanish company’s portfolio now includes solar energy projects exceeding 1 gigawatt capacity, having secured the necessary construction approvals.
Ignis is set to launch a 500-megawatt platform and has negotiated energy purchases totaling 500 megawatts with leading international firms.
Additionally, Ignis has expanded its global footprint beyond Spain, securing long-term energy sources with a capacity of roughly 11 gigawatts, encompassing solar, wind, and energy storage technologies.
Ana Peres Caminero, COO of Vortex,