EFG Holding aims to raise $300m in Vortex 4’s second funding round

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, highlighted Ignis’s competitive edge in the renewable energy market, citing its operational expertise and extensive industry experience.

She reaffirmed Vortex’s dedication to supporting Ignis’s development of independent, integrated renewable energy facilities in Spain and internationally.

Established in 2014, Vortex Energy is a renewable energy investment platform backed by EFG Hermes’ direct investment arm.