Egypt’s first solar battery storage PPA secures debt funding

Egypt’s first solar battery storage PPA secures debt funding

Egyptian solar energy company KarmSolar announced on Sunday that it has secured 47 million Egyptian pounds ($2.4 million) in debt funding from Qatar National Bank ALAHLI (QNB ALAHLI) for the country’s first solar battery storage Power Purchase Agreement (PPA).

The funds will be used for Phase 2 expansion of KarmSolar’s existing solar microgrid system for Cairo 3A Poultry’s farm in the Bahareya Oasis in Giza, Egypt, KarmSolar said in a press statement.