Egypt-Based Solar Energy Company KarmSolar Secures $2.39 Million

Solar Energy Company KarmSolar Secures $ 2.39 Million Funding (News Central TV)

The first financed solar Power Purchase Agreement (PPA) battery storage system in Egypt has been funded with US$2.39 million by KarmSolar, a renowned solar energy provider and multi-utility enterprise in Egypt.

The finance came from Qatar National Bank Alahil, while Ezdaher Financial Advisory, a debt advice company with offices in Egypt, served as the advisory’s principal.

The Cairo 3A chicken farm complex in Giza, Egypt’s Bahareya Oasis, is served by KarmSolar’s existing solar microgrid system as part of a Phase 2 extension.

Phase 2 of the project involves expanding the current solar station’s capacity as well as installing a battery storage system that was provided by the international solar technology company Sungrow.

The amount of solar energy consumed as a result of the restoration has significantly increased, reaching 50% of the project’s total PV share.

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This project is regarded as a cutting-edge renewable energy endeavor and innovation, with industry norms circling around 30%.

“Egypt’s first financed solar battery PPA project is a monumental step for the renewable energy sector in the region, and we are delighted to partner with QNB ALAHLI on this project,” Ahmed Zahran, KarmSolar’s Co-Founder and CEO, said.

KarmSolar’s CFO, Nabil Kammoun added, “There is rising interest from established financial institutions to explore and support advanced solar technologies. This new milestone will boost the deployment of battery solutions in Egypt and across the region on a much larger scale.’’

KarmSolar is continuing its decarbonisation initiatives to meet Cairo 3A’s energy needs with the largest amount of renewable energy while also largely replacing Cairo 3A’s demand for electricity with solar energy.

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This is consistent with the COP27‘s commitment to boost the use of renewable energy sources and slow down decarbonisation.

“By Egypt’s Vision 2030 sustainable development objectives, and in alignment with Central Bank of Egypt’s directions towards promoting Sustainable Finance, QNB ALAHLI is proud to be playing a leading role in backing the renewable energy sector by highly recognizing the role that independent solar developers can contribute in the market alongside mega-scale electricity production companies,” Mohamed Bedeir, QNB ALHLI CEO commented.

Mohamed Bedeir

Phase 1 of the project aims for KarmSolar and Cairo 3A to erect an on-site off-grid solar station in 2020. A hybrid microgrid comprising PV solar and diesel generators will run the chicken farm. The original on-site solar PV system, which employs green energy, supplies 30% of Cairo 3A’s energy needs.

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