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Sunday, 8 May 2016

EFG to more than double renewable energy investment

EFG Hermes to more than double renewable energy exposure, seeking Egyptian opportunities: EFG Hermes aims to increase the private equity AUM it manages in the renewable energy industry to EUR 1.5-2 bn by 2018, managing director of infrastructure private equity Bakr Abdel-Wahab told Reuters. The firm manages EUR 730 mn in renewable energy AUM today. “We have spoken to Egyptian and foreign companies working in the local market which have projects that need capital. We will provide them with the capital and help them to manage … We are initially targeting projects of around 500 megawatts of solar and wind energy in Egypt,” Abdel-Wahab added. He also said there are plans to expand to other markets include the US and eastern Europe. Vortex, a renewable energy vehicle managed by EFG Hermes, acquired a portfolio of 23 European wind farms in a transaction worth EUR 550 mn on 19 April (pdf of the news release).

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