WFW advises Vortex on acquisition of 49% of Ignis, advised by Cuatrecasas, for €625m

Watson Farley & Williams has advised Vortex Energy on the acquisition of a 49% stake in Ignis Energy Holdings, advised by Cuatrecasas, to develop renewable projects in Spain for €625 million

International renewable energy platform Vortex will invest over €625 million in Ignis through its newly launched Vortex Energy IV Fund and its co-investors in Ignis, enabling it to become a fully integrated renewable IPP with a greater share of projects developed both in Spain and globally.

Vortex was created in 2014 as an investment platform, owned by private equity fund EFG Hermes, to pursue renewable energy investments globally. By the end of 2020, Vortex had a European portfolio of wind and solar assets of approximately €1.3 billion and 822 MW, in the UK, Spain, France, Portugal and Belgium.

Ignis is a Spanish company that invests and co-invests in energy assets with a portfolio of 14 GW of renewable energy projects under development in Spain and a further 8 GW in the rest of Europe, North America and the Asia-Pacific region.

WFW Madrid’s Corporate team advising Vortex was led by office managing partner and Corporate partner, María Pilar García Guijarro (pictured top left), in collaboration with senior associates, Fernando Santos (pictured top right) and Juan Area (pictured bottom left), and associate Jaime Salazar Arrancudiaga (pictured bottom right).

María Pilar commented: “We are delighted to have advised EFG Hermes on this impactful transaction in the renewables sector. In recent months we have advised on several alliances between developers and investors, and this one in particular marks a milestone due to its many singularities. Once again we confirm that being a highly specialised law firm is crucial to provide the sophisticated advice needed to drive success in complex transactions.

On the other hand, Cuatrecasas advised Ignis with a team made of lawyers José Luis Rodríguez, Pedro López Doriga, Graciela Garrudo e Ignacio Escriva de Romani Morales-Arce. They also were supported by junior associates Blanca Lanzas y Ana Serrano.

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