Cairo – Mubasher: EFG Hermes Holdings on Sunday said it will achieve capital earnings and performance fees of around $13 million to $14 million following the exit from its 49% stake in Vortex Energy’s wind power projects in Europe.
The exit agreement is set for completion in the first quarter of 2019 after all required sale conditions are met, the Cairo-based investment bank highlighted in a statement to the Egyptian Exchange (EGX).
Earlier this month, Vortex Energy, managed by EFG Hermes, announced the signing of an agreement with some of J.P. Morgan’s clients for asset management.
Upon the agreement, the company has to exit from its 49% stake in 998-megawatt wind power operations in four European countries.
These projects are currently being managed and operated by EDPR.
EFG Hermes holds 5% in capital of the 49% wind power projects’ portfolio.
The projects portfolio includes 56 wind turbines with a total production capacity of 998 megawatts.
