KarmSolar, private power utility and solar energy company, has initiated a round of capital increase to fund its local and regional expansion plans. The new investment round is supported by US-based Synergy Consulting as the sell-side advisor.
“Through the minority stake sale, we are seeking a new partner to join KarmSolar’s current shareholders and its strategic shareholder, EDF Renouvelables, in supporting the next stage of our journey. These are exciting times for the future of smart, connected utility platforms and we plan to be at the forefront of this paradigm shift in our region,” Ahmed Zahran, CEO and co-founder of KarmSolar said.
The capital to be raised will support existing power generation and distribution businesses, as well as enable new business verticals such as solar water desalination solutions provider KarmWater, and electric mobility venture KarmCharge to flourish.
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