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EEP eyes expansion in KSA: EFG Hermes-backed Egypt Education Platform (EEP) is studying the possibility of launching in Saudi Arabia within the next 12-18 months, co-CEO of EFG Hermes Karim Moussa told Enterprise. The company is looking into rolling out its own homegrown Egyptian brands in the kingdom or acquiring and investing in new brands, Moussa added. “We see a great opportunity to leverage EEP’s operational know-how in the KSA and generate further income for our operations in Egypt,” he said. “The kingdom has very ambitious plans for its education sector.”
Refresher: EEP Is an education management firm that counts EFG Hermes and the Sovereign Fund of Egypt among its anchor investors. It owns a network of schools and nurseries as well as majority stakes in academic content provider Selah El Telmeez and Option Travel, which offers student transportation.
Local expansion is also on the company’s radar: EEP plans to open two new schools in Cosmic Village in Sixth of October, Moussa confirmed, without disclosing further details.
MOVES BY EFG HERMES ON THE ENERGY FRONT-
Vortex’s investments in Ignis hit EUR 300 mn mark: EFG Hermes’ energy investment platform Vortex Energy has so far invested EUR 300 mn in Spanish renewables developer Ignis Energia, said Moussa, who is also the CEO of Vortex. Some EUR 140 mn was injected by the Vortex Energy IV fund, while the other EUR 160 mn was deployed by co-investors managed by the company. When asked about the size of the stake that Vortex has acquired, Moussa said only that it “gives Vortex joint control rights with Ignis’ existing management.”
Remember: Vortex Energy in 2021 signed an agreement to gradually invest a total of EUR 625mn in Ignis in exchange for an undisclosed stake in the firm. The company announced in June 2022 that it had deployed some EUR 222 mn and it was reported by local media in December of that year that another EUR 46 mn was deployed.
Change of plans: Vortex is currently in talks with Ignis to update its funding plans in light of the changing market conditions, Moussa said. The company has not yet deployed the EUR 176 mn capital injection that was initially penciled in for 1Q 2023.
Ignis is growing strong: The company has signed almost 1 GW worth of power purchase agreements (PPAs) with blue-chip industrial European and international counterparties in the last year, Moussa said.
