Cairo – Mubasher: EFG - Hermes-managed energy platform, Vortex, has signed an acquisition agreement with EDP Renováveis worth €550 million to take a stake in 664-MW European wind portfolio, according to EFG-Hermes press release.
By this agreement, Vortex will purchase a 49% stake in an operational portfolio of European wind assets owned by EDP Renováveis.
The deal is expected to be finalized in the second quarter of 2016 after obtaining all regulatory approvals and complying with the agreement’s terms and conditions.
EFG Hermes Karim Moussa clarified that the €550 million transactions was funded by a 13-year credit facility by five European banks o cover 60% of the deal, while 40% took the form of equity secured by the Gulf Cooperation Council, out of which Hermes contributed with 5%.
“We will continue to pursue high quality yield-generating assets with attractive return potential for our investors in developed markets and selective emerging markets,” said Moussa.
