• KarmSolar plans to invest USD 110 million in Egypt’s renewable energy projects over the next three years.
• The company also launched a Cyprus subsidiary, investing EUR 10M this year and planning EUR 28M more in 2026.
• Egypt aims to boost renewables to around 42% of its energy mix by 2030, creating regional opportunities.

KarmSolar

KarmSolar plans to invest USD 110 million in renewable energy projects in Egypt over the next three years. In a statement to Asharq Business, CEO of KarmSolar, Ahmed Zahran, stated that this investment comes as Egypt seeks to reduce its reliance on traditional energy sources. With this, it aims to provide investments integrated energy solutions such as solar power generation and storage, microgrid systems, and energy distribution.

Egypt aims to increase its reliance on renewables to 42% by 2030. This is divided into 22% from solar, 14% from wind, 4% from concentrated solar power, and 2% from hydro.

Founded in 2011, KarmSolar is a private solar utility company. It provides integrated solar energy solutions for residential, industrial, agricultural, commercial, and tourism sectors. It also designs, owns, and operates both on-grid and off-grid solar power plants.

Expansion

As part of its Cyprus expansion, KarmSolar set up a subsidiary licensed to build and operate a 7.6 MW solar plant. The project involves USD 11.65 million (EUR 10M) in planned investments this year, supported by a USD 5.82 million (EUR 5M) loan from Eurobank. The Cypriot unit also plans to invest an additional USD 32.64 million (EUR 28M) in renewable energy projects in 2026. This is to diversify its hard-currency revenue streams. 

Cyprus currently relies heavily on fossil fuels and faces high energy prices. Thus, it  aims to raise renewables to 42.5% of its energy mix by 2030, as mandated by the EU. Furthermore, this created new opportunities for solar developers like KarmSolar.