The moves comes as EGP has sought to diversify into emerging markets — principally Latin America — as a result of regulatory uncertainty and falling investment opportunities in Europe. It is also active in Egypt and Morocco.
Speaking about the move EGP CEO Francesco Starace outlined Mozambique, Tanzania, Kenya and Uganda as investment targets for wind, solar and geothermal.
The region, which has "relatively good political stability and good resources", will help drive development over the next five-to-six years, Starace said.
EGP was awarded two projects totalling nearly 200MW in the third round of South Africa's renewable energy tender process. The company expects to bid in future rounds.
The company, which will present its new business plan on 3 April, has earmarked EUR 6.1 billion for investments in 2013-2017.