Egypt’s leading investment bank, EFG Hermes, has announced that its renewable energy platform, Vortex, has acquired a 49% stakes in an operational 664 MW portfolio of 23 wind farms in Europe, from the Madrid-based, EDP Renovaveis for $618.26m, reported Reuters.

EFG Hermes declared that this acquisition has doubled Vortex’s private equity assets under management to $1.1b, and increased the group’s total new worth to $3.5b. The deal has also boosted Vortex’s net installed capacity in Western Europe to 457 MW, up from 132 MW in late 2014, at the time when Vortex also purchased a 49% equity stake in EDPR France for $208m, wrote Egypt Independent.

After selling a 40% stake in Lebanese lender Credit Libanais, EFG Hermes intends to distribute $122m among its shareholders and step up its growth strategy.