The Arab Moltaqa Investments Company (AMIC) has established a new subsidiary – the United Company for Investments and Real Estate Developments to produce renewable energy from organic waste, Daily News Egypt reported.

AMIC expects the United Company to produce 4,000MW per year, as well as 27,000 cubic meters of organic fertilizer.

AMIC Managing Director, Khaled Abu Heif, explained that the company seeks to diversify its investment portfolio as part of a restructuring process that will capture new investment sectors reported to provide opportunities for growth. AMIC is waiting to obtain necessary licenses from the Ministry of Electricity to accelerate completion of the project, as it intends to start operations in the second half of 2017.

AMIC issued a press release detailing the financial particulars of the founding of the United Company with an initial capital investment of EGP 8m, 70% of which will come from AMIC, MENA.FN wrote.