KarmSolar receives 47m EGP in funding from QNB Al Ahli

KarmSolar receives 47m EGP in funding from QNB Al Ahli

KarmSolar, a leading solar energy company and multi-utility enterprise, has secured 47 million EGP in funding from Qatar National Bank Al Ahli (QNB ALAHLI), with advisory led by Ezdaher Financial Advisory, an Egypt-based debt advisory firm.

The funds will be used to build “the first financed solar Power Purchase Agreement (PPA) battery storage system in Egypt,” according to the statement.

This comes as part of a Phase 2 expansion of KarmSolar’s existing solar microgrid solution for the Cairo 3A poultry farm facility located in the Bahareya Oasis in Giza, Egypt.

Phase 2 of the project consists of the addition of the battery storage system, supplied by global solar tech manufacturer Sungrow, as well as an expansion of the existing solar station’s capacity. This upgrade will increase the project’s PV share to 50%.

“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 has substituted a large portion of Cairo 3A’s needs with solar energy and is continuing the decarbonization efforts to supply Cairo 3A’s consumption with the maximum portion of renewable energy possible.

In Phase 1, KarmSolar signed a PPA agreement with Cairo 3A in 2020 to establish an on-site off-grid solar station to supply electricity to the poultry farm using a hybrid microgrid of PV solar and diesel generators. The original on-site solar PV station covers 30% of Cairo 3A’s energy needs using renewable energy.

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