KarmSolar secures $3 million from HSBC to fuel Farafra Solar Grid

KarmSolar secures $3 million from HSBC to fuel Farafra Solar Grid

Press release:

Solar power developer and electricity distributor KarmSolar has announced the development of Farafra Solar Grid, the company’s 2nd Grid solution after the Marsa Alam Solar Grid, covering 100% of clients’ load.

Phase 1 of the Farafra Solar Grid will consist of a 3.4 MWp solar PV station, 3.7 MVA diesel generators, and a 4 MWh/1MW solar battery storage system, established under KarmSolar’s SPV; Mars for Selling and Distributing Electricity. The project will allow for around 60% solar penetration aiming to reach 100% in three years’ time, thereby offsetting a total of around 5,200 tons of CO2 emissions per year.