In Egypt, investment bank EFG wishes to invest in solar and wind projects totaling a capacity of about 500 MW. The operation falls under the group’s mid-term strategy to increase its portfolio of renewable energies assets to 1 GW, by 2018.

Bakr Abdel-Wahab, EFG’s CEO told Reuters that the bank plans to bring up the value of its renewable energy assets from €730 million, where it is now, to 1.5 billion or 2 billion Euros even, within the next two years.

In January 2016, the firm said Egypt’s renewable energy sector has an investment potential of €5.2 billion for private investors and financial institutions.

Gwladys Johnson