(This story corrects to 1000 megawatts not 2000)
CAIRO (Reuters) - Egyptian investment bank EFG Hermes aims to manage renewable energy projects totaling 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 1000 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