Vortex Energy achieves USD 200 million first close for flagship fund 'Vortex Energy IV,' targets investments in global Energy Transition
PR90539
ABU DHABI, UAE, July 12, 2021 /PRNewswire=KYODO JBN/ --
- Backed by its stellar track record in the field of renewable energy, Vortex
Energy is launching this new fund to tap into the burgeoning global interest in
Energy Transition
Vortex Energy, a global renewable energy platform managed by the private equity
arm of EFG Hermes, has reached first close of USD 200 million (including a USD
25 million conditional commitment) for its fourth fund, which is anchored by
EFG Hermes and Abu Dhabi sovereign institutional investors and family offices,
among others. Vortex Energy IV was established in Abu Dhabi Global Markets
(ADGM) where the team will be based and will work alongside Vortex Energy's
existing and growing team in London.
Vortex Energy, since its establishment in 2015, has been successfully pursuing
renewable energy investments, completing the full cycle of investment and
divestment of c. 822 MWs of wind and solar energy assets in Europe. Industry
dynamics and market sentiment are highly supportive of this ever growing asset
class. In 2020 alone the renewables share of all annual power capacity
additions reached 82% compared to 15% a decade earlier. We are seeing today a
wide range of investment opportunities that cater to the growing demand for
sustainability and increased political and economic drive to support clean
energy transition.
Karim Moussa, Head of Private Equity and Asset Management at EFG Hermes and CEO
of Vortex Energy, said: "We are very excited about the launch of Vortex Energy
IV; the global opportunity is clear and tangible, with renewable energy
becoming mainstream. We expect with more net-zero policies and major
decarbonizing initiatives to see additions in renewable energy generation of c.
2 TW and investments of c. USD 3 trillion by 2030 globally. I am confident that
with our track record of deploying more than USD 1.6 billion in European assets
and returning double-digit IRRs, we will be able to grow a substantial asset
base for our fund investors. We are also excited to continue building our
business and investor base to reach our target size for the fund of USD 750
million within the coming two years."
Bakr Abdel-Wahab, CIO of Vortex Energy, said: "We will employ an active
investment strategy for Vortex Energy IV, looking to support developers and
independent power producers (IPPs) to reach their full potential, in addition
to investing in operating assets in countries that offer attractive returns.
The landscape is changing and energy transition investments are becoming more
complex compared to traditional assets with long-term contracted cash-flow
profiles. With our skill set and experience, I am confident that we have the
tools in place to gain a further foothold in the industry. We are already
looking at a very interesting pipeline of deals and companies worth c. USD 2
billion in Europe and the US."
Vortex Energy IV will target all energy transition verticals, including
generation (utility scale solar PV, on/offshore wind, hydropower, biomass,
distributed generation), storage, EV charging facilities, as well as supply-
and demand-side energy services. The fund scope covers the entire asset
lifecycle including operating plants, IPPs, development companies, greenfield
and commercial and industrial solutions. The geographical focus is on developed
and developing European countries, North America, Latin America and Australia.
Chimera Capital acted as strategic advisor to Vortex Energy in relation to
ADGM. White & Case provided legal advisory, PwC lent structuring services and
Apex administration support.
About Vortex
Vortex Energy was established in 2015 as an investment platform, sponsored by
the Private Equity arm of EFG Hermes, via Luxembourg-based Beaufort
Investments, to pursue renewable energy investments globally. Beaufort
Investments and its affiliates comprise of a team of 15 dedicated
infrastructure and private equity specialists, with wide experience in global
infrastructure and renewable energy that manage all Vortex Energy investments
and initiatives.
As of the end of 2020, Vortex had already aggregated, managed, optimized and
divested an 822MW European portfolio of wind and solar assets through various
investments amounting to approximately EUR 1.3 billion, spanning the UK, Spain,
France, Portugal and Belgium. Currently, Vortex has a full operational asset
management team based in London and a new office in ADGM, where the investment
team shall be located.
Learn more about us at www.vortexenergy.ae.
About EFG Hermes
With a current footprint spanning thirteen countries across four continents,
EFG Hermes started in Egypt and has grown over 37 years of success to become a
leading financial services corporation with access to emerging and frontier
markets. Drawing on our proven track-record and a team of more than 5,500
talented employees, we provide a wide spectrum of financial services that
include investment banking, asset management, securities brokerage, research
and private equity to the entire MENA region.
In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI)
Platform, which overlooks activities in the non-banking finance field covering
microfinance, leasing, factoring, consumer finance, mortgage and insurance.
This falls in line with the Firm's strategy to focus on two main pillars:
product diversification and geographic expansion into non-MENA markets, which
has seen the Firm establish a physical presence in Pakistan, Bangladesh,
Vietnam, Kenya, Nigeria, the United Kingdom and the United States.
For further information about EFG Hermes, please visit www.efghermes.com.
Note on Forward-Looking Statements
In this press release, EFG Hermes may make forward looking statements,
including, for example, statements about management's expectations, strategic
objectives, growth opportunities and business prospects. These forward-looking
statements are not historical facts but instead represent only EFG Hermes'
belief regarding future events, many of which, by their nature are inherently
uncertain and are beyond management's control and include among others,
financial market volatility; actions and initiatives taken by current and
potential competitors; general economic conditions and the effect of current,
pending and future legislation, regulations and regulatory actions.
Accordingly, the readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are
made.
Source: EFG Hermes
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