Help Desk -
9717405332, 9599714297, 9810335381

Egypt's EFG Hermes looks to manage renewable energy projects -energy head

Power News - Published on Thu, 28 Dec 2017

Image Source:
REUTERS quoted Egyptian investment bank EFG Hermes head Bakr Abdel Wahab as saying that they aims to manage renewable energy projects totalling 400-500 megawatts in the north African country in the coming three years.

EFG Hermes, one of the largest investment banks in the Middle East, is currently active in the renewable energy sector in Europe through a green company called Vortex.

Mr Abdel Wahab said that "We are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt.” He said the projects that the bank was targeting were worth at least USD 250 million in investments and that the bank was looking to reach 2000 megawatts by 2020 with a capital of USD 500 million.

Mr Abdel Wahab said that "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.” He expected renewable energy to attract investors from the Gulf and Asia in 2018.

Egypt hopes renewable energy will cover 20 percent of its annual electricity demand by 2020.

Source :

Posted By : Nanda Koijam on Thu, 28 Dec 2017
Related News from Power segment