KarmSolar Secures $2.48mln in funding from QNB Alahli

KarmSolar Secures $2.48mln in funding from QNB Alahli

Egypt - Leading solar energy company KarmSolar has secured EGP 47m in funding for the first financed solar Power Purchase Agreement (PPA) battery storage system in Egypt, from QNB Alahli, with advisory led by Ezdaher Financial Advisory, an Egypt-based debt advisory firm.

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 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.

Ahmed Zahran, KarmSolar’s Co-Founder and CEO, said: “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.”

KarmSolar’s CFO Nabil Kammoun commented: “There is rising interest from established financial institutions to explore and support advanced