عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt: Vortex Energy Invests $237Mln into Spain’s Ignis

Representatives from Vortex Energy and Ignis during the signing of the agreements. (Asharq Al-Awsat)
Representatives from Vortex Energy and Ignis during the signing of the agreements. (Asharq Al-Awsat)
TT
TT

Egypt: Vortex Energy Invests $237Mln into Spain’s Ignis

Representatives from Vortex Energy and Ignis during the signing of the agreements. (Asharq Al-Awsat)
Representatives from Vortex Energy and Ignis during the signing of the agreements. (Asharq Al-Awsat)

Vortex Energy, a global renewable energy platform managed by the private equity arm of EFG Hermes, announced on Tuesday that it invested to-date in Spain’s Ignis 222 million euros ($237 million) of equity capital, consequently fulfilling its terms of its partnership with Ignis that it initiated last year.

Asharq Al-Awsat obtained a copy of EFG Hermes’s statement indicating that since Vortex Energy’s initial investment in Q4 2021, Ignis has been executing effectively on its ambitious growth strategy, with more than 1GW of Ignis’ Spanish portfolio secured with all key permits to reach ready-to-build (RTB) status.

The company is set to start site preparations and will have 500MW in construction in due course.

Ignis’ management has been actively negotiating more than 500MW of bilateral PPAs with blue-chip and reputable off-takers.

Moreover, the company has expanded its international footprint to aggregate 11GW of solar, wind and battery storage pipeline outside of Spain.

Vortex Energy continues its active strategy to support Ignis’ growth with 46 million euros of equity set to be injected in Q4 2022 and a further 176 million euros of equity in Q1 2023.

Antonio Sieira, founder and CEO of Ignis said, “We continue achieving key milestones on the route of taking Ignis to become a major global fully-integrated renewable energy company.”

“We cherish our partnership with Vortex Energy and look forward to a bright future together,” he added.

CEO of Vortex Energy Karim Moussa, for his part, said his company is extremely delighted with the achievements of Ignis in such a short period of time and during these challenging market conditions.

“Ignis’ management skills and quality of its portfolio continue to solidify its market position,” he stressed.

Vortex Energy is here to support this partnership ensuring their strategic goals are met and will continue funding their common growth path.

Ana Peris Caminero, COO of Vortex Energy, stated that Ignis’ unique execution power and its deep energy management, as well as its operational know-how is critical today more than ever in this industry.

She said Vortex Energy is committed to continue helping Ignis’ management to build its sizable IPP portfolio in Spain and internationally.

Most Viewed

 
 
Business

Vietnam Signs Free Trade Deal with Four European Countries

Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
TT
TT

Vietnam Signs Free Trade Deal with Four European Countries

Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)

Vietnam and four European nations outside the EU signed a free trade agreement in Hanoi on Sunday, seeking to diversify their markets as US tariffs disrupt global commerce.

The deal, between Southeast Asia's fastest-growing economy and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland, eliminates or reduces customs duties, including on imports of industrial, fish and agricultural products.

The deal was signed in the capital in the presence of Vietnam's top leader To Lam and representatives of EFTA governments.

Vietnam said the agreement showed the parties' resolve to "reinforce the rules-based trading system amid continued volatility in the global economy", according to a government statement.

It was also expected to help Vietnam "diversify its import and export markets" and "integrate more deeply into global value chains", the government said.

Vietnam and EFTA concluded negotiations in July, more than a decade after the free trade talks officially began in 2012.

The parties relaunched negotiations in September last year, after they had stalled since 2018.

The agreement followed a global trade-disrupting tariff blitz by the United States under President Donald Trump which has left Vietnam with a hefty tax on its US exports amid ongoing negotiations with Washington.

Experts say the new deal reflected a shared initiative to diversify commercial ties and reduce reliance on major trading partners.

"As the US increasingly exerts trade pressure on European countries, the agreement is a joint effort to turn economic integration into greater strategic autonomy and to develop alternative commercial relationships rather than relying exclusively on their largest partners," history and politics scholar Do Dinh Lam Khang told AFP.

For Vietnam, closer ties with EFTA economies could support its ambition to move into higher-value-added activities, Khang added.

The agreement covers trade in goods and services, intellectual property rights, trade remedies and sustainable development, among other areas, both parties say.

Bilateral trade between the EFTA and Vietnam last year was valued at 4.8 billion euros ($5.4 billion), according to the association.

Electrical and mechanical machinery, fish and pharmaceutical products were the EFTA nations' top exports to Vietnam last year.

Machinery, footwear and apparel were manufacturing hub Vietnam's major exports to the EFTA.

The association was created as a counterpart to the European Economic Community, precursor of the European Union which its four member states are close to but have not joined.

Business

Lagarde: Sustainable Finances Key for Economic Stability

European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo
European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo
TT
TT

Lagarde: Sustainable Finances Key for Economic Stability

European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo
European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo

European Central Bank (ECB) president Christine Lagarde stressed on Saturday the importance of sound public finances when she addressed ministers in charge of budgets from around the world in Thailand.

In her statement to the International Monetary and Financial Committee that comprises global finance ministers and central bankers, she said fiscal sustainability remains a “crucial anchor” for broader economic stability, according to Bloomberg.

“It is important to maintain sound fiscal policies, including by adhering to fiscal rules, and, where debt is high, to consolidate, re-prioritize spending and enhance the efficiency and effectiveness of public finances to rebuild buffers,” Lagarde noted.

“Governments should strive to ensure that any fiscal response to the energy shock is temporary, targeted and tailored,” she added.

Her remarks come after a week of intense debate in the Thai capital, where the International Monetary Fund (IMF) held its annual meetings.

Discussions focused on the risks hanging over the global economy as it faces rising debt levels, an artificial intelligence revolution and increasingly complicated geopolitics.

“A return to an international economic order grounded in openness, predictability and the rule of law would help trade and investment flourish,” Lagarde said.

Turning to the eurozone, Lagarde reiterated the ECB’s assessment that economic growth faces downside risks, while inflation risks remain tilted upward.

“The energy shock is too large to ‘look through’ but a measured response remains appropriate to keep inflation in check,” she said.

ECB raised interest rates twice – in June and September – and is widely expected to deliver another hike at the end of the year.

Lagarde also said that more than 30 central banks have expressed interest in the Eurosystem’s enhanced repo facility, which aims to support the smooth transmission of monetary policy and reinforces the international role of the euro.

Business

Georgieva: More Work Needed on Lebanon Program

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
TT
TT

Georgieva: More Work Needed on Lebanon Program

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

International Monetary Fund Managing Director Kristalina Georgieva said on Saturday that ‌there were "intense" ‌discussions on support ‌for Lebanon ⁠reflecting significant progress ⁠towards a loan program.

"In the case ‌of ‌Lebanon, we are ‌in very intense ‌discussions with the Lebanese authorities," Georgieva told a closing news conference at ‌IMF and World Bank annual meetings in ⁠Bangkok.

"We ⁠have made significant progress towards the program. We have still a bit more work to do together, and I'm confident we will be successful."