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Thursday, 16 June 2016

EFG Hermes-managed platform completes acquisition of 49% stake in a subsidiary of EDP Renováveis

EFG Hermes has completed the acquisition of a 49% stake in European wind farms from EDP Renováveis (EDPR), bringing total group assets under management to USD 3.6 bn, the company announced yesterday, according to DNE. Vortex, a renewable energy platform managed by EFG Hermes’ equity arm, announced it was acquiring the stake in an operational 664 MW portfolio of a subsidiary of EDPR in April. “This milestone transaction not only doubles our private equity AUMs to just over USD 1.1 bn but also augments EFG Hermes’ total group AUMs to USD 3.5 bn,” said EFG Hermes CEO Karim Awad. “The successful close of this landmark deal provides EFG Hermes’ private equity division with considerable traction in Europe’s renewable energy space, a key pillar of EFG Hermes’ regional and global expansion strategy.”

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