KarmSolar, Egypt-based solar energy company and multi-utility provider and MARAKEZ, mixed-use real estate developers, signed a 22 MWs power distribution agreement for D5M, its latest retail destination that’s part of District Five, MARAKEZ flagship development in East Cairo.
Under the agreement, KarmSolar will invest in D5M’s electricity infrastructure and will be responsible for the operation and maintenance of the development’s internal electricity grid, as well as billing and payment collection for District Five tenants.
“MARAKEZ is setting the benchmark for mixed-use developments in Egypt. We are looking forward to establishing a progressive partnership with KarmSolar as we target clean energy for our projects. We always aim to provide the highest standards for the communities we serve” said Basil Ramzy, CEO of MARAKEZ.
The agreement also includes the establishment of a 1.7 MWp on-site solar station to power D5M with green renewable energy with the objective of expanding the solar capacity to power 100% of the whole project with renewable energy by 2027.
“MARAKEZ is one of the most innovative and accomplished developers to partner with. D5M is a mega development and an important milestone for the KarmSolar urban power distribution program, as it will be the pinnacle of our expansion in East Cairo,” Ahmed Zahran, KarmSolar co-founder and CEO, said.
D5M’s 22 MW Power Distribution Agreement brings KarmSolar’s total power distribution portfolio to over 40 MWs covering real estate developments and geographical regions across Egypt.
The power distribution and on-site solar solution to be established at D5M also includes App-enabled smart meters for tenants, EV charging stations, and electricity-backed financing programs for tenant businesses in the development, as part of an industry-defining power distribution offering that goes beyond what any other power distribution service provider can offer developers in terms of cost savings and value-added services.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.