Egyptian investment bank EFG Hermes eyeing further investment in renewable energy projects and looking to possibly launch a leasing business in Egypt in the coming months amidst an improving economy in the country.
Speaking to Reuters ahead of the banks 11th Annual EFG Hermes One-on-One Conference, which kicked off in Dubai on Monday, EFG Hermes CEO Karim Awad said the bank wanted to expand its private equity business and was looking at Egypts renewable energy sector.
In October, EFG acquired a 49% stake in French wind energy company EDPR France in a deal worth $208 million. The bank described the transaction as part of the firms strategy of broadening its traditional role as a catalyst for institutional capital into MENA markets by helping its partners and investors tap compelling global opportunities.
In January, Egyptian President Abdel Fatteh el Sisi announced plans to build solar and wind power plants with a combined capacity of 4.3 GW in the next three years.
New of EFGs growing interest in the Egyptian renewable energy sector comes as Bahrain-based investment and development firm Terra Solar Ventures run by Swiss financier David Heimhofer — is making headlines with a lofty plan to invest up to 3 billion in Egyptian solar projects. The company will reportedly seek to raise an initial 1.2 billion in foreign investment and loans to build two solar parks in Egypt with a total capacity of 800 MW. Thereafter, the company reportedly plans to build a further 2 GW of solar in the country.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.