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

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CAIRO (Reuters) – Egyptian investment bank EFG Hermes aims to manage renewable energy projects totalling 400-500 megawatts in the north African country in the coming three years, said the bank’s energy head Bakr Abdel Wahab.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.

“We are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt,” said Abdel Wahab.

He said the projects that the bank was targeting were worth at least $250 million in investments and that the bank was looking to reach 2000 megawatts by 2020 with a capital of $500 million.

“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,” said Abdel Wahab.

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.

Reporting by Ehab Farouk; Writing by Arwa Gaballa; Editing by Gareth Jones

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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