Cairo-based EFG Hermes is in extensive negotiations to buy a stake in the privately owned Spanish power generation company Aegis Energy.
Expansion, citing financial sources, reported that Hermes will buy a 45-49% stake in Aegis; By increasing the capital in the process of valuing the Spanish company at about one billion euros ($1.16 billion).
Spokesmen for Agnes and Hermes have yet to respond to requests for comment via email and phone conversations, according to CNBC Arabia.
Aignes operates solar and gas power plants in Spain with a total capacity of 2.9 gigawatts and is planning renewable energy projects with a total capacity of 14 gigawatts.
