Egypt’s KarmSolar is seeking financial partnership from several Egyptian and international financial institutions to raise US $61.5m. The funds will go towards the firm’s initiative of providing electricity to private companies from its solar off-grid systems.
The International Finance Corporation (IFC) is one of the development partners with which KarmSolar is in full negotiation. This very active subsidiary of the World Bank in charge of corporate finance is involved in the production of electricity from renewable sources in Egypt.
KarmSolar is also negotiating with the European Bank for Reconstruction and Development (EBRD), another financial partner very active in the renewable energy sector in the land of Pharaohs.
Reports have it that the firm could also find a financing agreement with Banque Misr, a bank based in Cairo that specializes in corporate financing. It has recently released US $14.15m to support several solar projects across this North African country.
KarmSolar plans to build solar power plants and sell the electricity produced by these plants to companies.
Earlier on this year, the company signed a US $90m electricity sales contract with Cairo3A Poultry, a subsidiary of the Cairo 3A group, one of the country’s main conglomerates with interests in agriculture, transport, poultry production and grain trade.
By the close of the 2018 business year, KarmSolar had a portfolio of committed projects with a total capacity of 65 MWp through its subsidiary KarmPower.
This portfolio includes a 23.5 MW project for the Dakahlia group and a 20 MW power generation and distribution project for El-Badr for Investment and Commercial Spaces.
KarmSolar Group is a multidisciplinary enterprise that focuses on fully self-sufficient project development for various types of communities and project developments.
Through KarmSolar’s subsidiaries – KarmPower (Solar Technology) and KarmBuild (Design and Build), – it’s portfolio now includes entities in the commercial, industrial, agricultural, touristic and residential sectors in solar power infrastructure, real estate development, and providing innovative environmental & energy efficient development solutions in architecture and construction.