Egypt’s EFG Hermes negotiating to buy stake in Spain’s Ignis – paper

Cairo-based investment bank and financial group EFG Hermes is in talks to buy a stake in privately held Spanish power generation company Ignis Energia, Expansion newspaper reported on Thursday.

EFG Hermes seeks to take between 45 percent and 49 percent of Ignis through a capital increase in a transaction valuing the Spanish firm at around €1 billion ($1.16 billion), Expansion added, citing financial sources.

Ignis runs solar and gas power plants across Spain with a total capacity of 2.9 gigawatts and has renewable energy projects for a total capacity of 14 gigawatts in the pipeline.