KarmSolar secures $2.4 million to expand its microgrid solution in Egypt

Acquah Nana Yeboah -

Egyptian cleantech company, KarmSolar has secured $2.4 million in funding from Qatar National Bank ALAHLI (QNB ALAHLI) to expand the Phase 2 of its existing solar microgrid solution in Egypt.

  • Founded in 2011 by Ahmed Zahran, Omar Hosny and Tamer Essawy, KarmSolar is a leading solar energy company and multi-utility enterprise that provides renewable energy to several sectors in Egypt.
  • The new funding will be used to finance the solar Power Purchase Agreement (PPA) battery storage system in Egypt. This is part of the Phase 2 expansion of KarmSolar’s existing solar microgrid solution for the Cairo 3A poultry farm facility in the Bahareya Oasis in Giza, Egypt.
  • 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.
  • This upgrade has managed to increase the percentage of energy consumption generated through solar significantly, thereby increasing the project’s PV share to 50%. With industry averages tending to be around 30%, this project is considered to be a state-of-the-art renewable energy project and innovation.