Egypt: EFG Hermes considers to invest up to $500 million in renewable energy by 2020
(Ecofin Agency) - Egyptian investment bank EFG Hermes looks to invest in renewable energy projects totaling 400-500 MW in the 3 upcoming years, in the country.
Bakr Abdel Wahab, the bank’s energy head, said: “We are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt”. Indeed, the financial institution invests in the energy sector in Europe via a company called Vortex.
The bank will invest at least $250 million in the above-mentioned projects. “The stations that we’re going to invest in will be built in the first quarter of 2018 and we expect them to start operating in 2019,” added Abdel Wahab.
EFG Hermes could reach $500 million of investment by 2020 for 1,000 MW installed capacity.