EFG Hermes unit sells controlling stake in Vortex Solar

EFG Hermes indirectly owns 5% in Vortex Solar

  
The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 6, 2018. Image used for illustrative purpose.

The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 6, 2018. Image used for illustrative purpose.

REUTERS/Amr Abdallah Dalsh

Cairo – The Egyptian Financial Group Hermes Holding (EFG Hermes), on Thursday said Vortex Energy, which is managed by Beaufort Investments s.a.r.l, has sold its controlling stake in Vortex Solar.

Beaufort Investments is affiliated to the direct investment sector of EFG Hermes.

Vortex Solar owns a solar power projects portfolio valued at £500 million with a total capacity of 365 megawatts in the UK, according to a bourse statement.

The aforementioned stake was sold to TNB International Sdn Bhd, that is fully owned by Malaysia’s Tenaga Nasional Berhad and one of Vortex Solar’s shareholders.

EFG Hermes, which indirectly owns 5% in Vortex Solar, will receive a total cash return worth £11 million.

The initial investment value reached £7.5 million, resulting in capital profits of £1.6 million during the third quarter (Q3) of 2020.

The remaining capital profits were achieved during the investment timeline through the financial position and income statements. In addition, the direct investment sector generated performance fees of up to £16.7 million.

Source: Mubasher

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