Egypt’s Orascom Investment Holding (OIH) has finalized the sale of its subsidiaries in Brazil for some USD 18 mn, the company said in a statement (pdf) on Monday.

The money is partially going towards green projects: The proceeds from the sale will be directed towards renewable energy projects, in addition to the company’s new investments in touristic destination developments, the statement said. OIH did not specify how much money is being earmarked for the renewable projects, nor did it say which projects will receive financing from the sale’s proceeds.

OIH’s green portfolio is on the rise: OIH’s board of directors approved investments in EVs in April and signed a strategic partnership agreement with BluEV in May through which the two companies will convert two and three-wheeled vehicles to electric models. It also announced in May exploring investments in Uzbekistan’s renewables and the hospitality sector, as part of a USD 1.2 bn investment.