Egypt-based investment bank EFG Hermes is planning to increase the investments it manages in renewable energy from the current $831m to between $1.7 and $2.3b in the next two years, Zawya reported citing company’s MD of infrastructure private equity, Bakr Abdel-Wahab.

EFG-Hermes, one of the Middle East’s largest investment banks, has a renewable energy portfolio concentrated in Europe and Egypt.

“We have spoken to Egyptian and foreign companies working in the local market which have projects that need capital. We will provide them with the capital and help them to manage,” Abdel-Wahab told the press.

“We are initially targeting projects of around 500 MW of solar and wind energy in Egypt”, he said, adding that the firm plans to increase its production capacity to 1,000 MW.

According to SeeNews Renewables, EFG aims to have a renewables portfolio of 1 GW in total by 2018.