Vortex Energy, a global renewable energy platform managed by the private equity arm of Egypt’s EFG Hermes has reached its first close of $200 million (including a $25 million conditional commitment) for its fourth fund.
Vortex Energy IV, established in Abu Dhabi Global Markets (ADGM), is anchored by EFG Hermes and Abu Dhabi sovereign institutional investors and family offices, among others.
The statement said the fund’s geographical focus would be on developed and developing European countries, North America, Latin America and Australia.
Karim Moussa, Head of Private Equity and Asset Management at EFG Hermes and CEO of Vortex Energy, said that with more net-zero policies and major decarbonising initiatives, they expect to see additions in renewable energy generation of approximately 2 terawatts and investments of $3 trillion globally by 2030.
“I am confident that with our track record of deploying more than $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," he said.
At the end of 2020, Vortex Energy had completed the full cycle of investment and divestment of approximately 822 megawatts of wind and solar energy assets in Europe through various investments amounting to approximately € 1.3 billion.
Bakr Abdel-Wahab, CIO of Vortex Energy, said the platform will employ an active investment strategy for Vortex Energy IV, looking to support developers and independent power producers (IPPs), in addition to investing in operating assets in countries that offer attractive returns.
“We are already looking at a very interesting pipeline of deals and companies close to $2 billion in Europe and the US," he said.
According to the statement, 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.
(Writing by Anoop Menon; editing by Seban Scaria)
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