Cairo-based financial group EFG Hermes (HRHO.CA) is negotiating to buy a stake in privately held Spanish power generation company Ignis Energia, Expansion newspaper said on Thursday.
EFG Hermes would take 45% to 49% of Ignis through a capital increase in a transaction valuing the Spanish firm at about 1 billion euros ($1.16 billion), Expansion reported, citing financial sources.
Spokespeople at Ignis and EFG Hermes did not immediately respond to emails and phone calls seeking comment.
According to Reuters, Ignis operates solar and gas power plants in Spain with a total capacity of 2.9 gigawatts (GW) and has renewable energy projects for a total capacity of 14 GW in the pipeline.
