Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) is planning to manage 400-500 megawatts renewable energy projects in Egypt with investments worth $250 million over the coming three years, Reuters reported, citing the bank’s energy head Bakr Abdel Wahab.

The Egyptian investment bank is considering the establishment of a holding company to manage energy projects, like Vortex, but in Egypt, Abdel Wahab noted.

Renewable energy projects in Egypt are forecast to attract investors from the Gulf region and Asia, he indicated.

“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.

On Sunday, EFG Hermes’ CEO Karim Awad said that the company is expected to boost non-financial services to 50% within 2020-2021.

Egypt’s electricity minister Mohamed Shaker previously said that aims at generating 42% of electricity from renewable energy by 2025.