The investment bank, EFG Hermes, is considering management investments in renewable-energy projects in Egypt, the Head of the Energy Division at EFG Hermes, Bakr Abdel Wahab, said, according to Ahram Online.
The bank is looking at a portfolio of between 400 and 500 megawatts (MW), Abdel Wahab indicated.
The bank is currently active in the European renewable-energy sector through investments in Vortex, according to Reuters.
“We are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt,” Abdel Wahab said.
The bank is currently looking at investing at least $250 million in the sector. By 2020, however, the bank aims to increase its investments to $500 million and increase its renewable-energy portfolio to 2,000 MW, according to the news agency.
“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,” Abdel Wahab said, Reuters reports.
EFG Hermes is an Egyptian investment bank and is considered one of the largest in the Middle East, according to Reuters.