Egypt’s KarmSolar aims to raise $80M in financing round to increase its capital – Egypt Today

Egypt’s KarmSolar aims to raise $80M in financing round to increase its capital – Egypt Today

CAIRO - 30 August 2022: KarmSolar Company has initiated a round of capital increase with the aim to raise $80 million to fund its local and regional expansion plans. The private power utility and solar energy company clarified in a press release that the new investment round is supported by US-based Synergy Consulting as the sell-side advisor. "The capital injection 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," it added. This comes in line with the evolution of the solar energy sector currently taking place in Egypt, especially with KarmSolar’s long term strategy to disrupt the existing utility business by developing a vertically integrated multi-utility platform with a specialization in solar power generation, as well as urban and regional power distribution. “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,"