KarmSolar secures US$2.4 million for Egypt solar-plus-storage project

LinkedIn
Twitter
Reddit
Facebook
Email

Solar energy company KarmSolar has secured US$2.4 million in bank financing for a solar-plus-storage project in Egypt.

The firm has secured the 47 million EGP (US$2.4 million) from Qatar National Bank ALAHLI, while Ezdaher Financial Advisory assisted with the deal.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The financing comes as KarmSolar launches a phase 2 expansion of the solar microgrid solution at a poultry farm facility in Giza operated by Cairo 3A. The expansion includes the addition of a battery energy storage system and an expansion of the solar plant’s capacity.

Sungrow is providing the battery storage unit, as previously reported by Energy-Storage.news. The energy storage system will comprise of a 2.576MWp PV inverter and 1MW/3.957MWh of storage.

KarmSolar’s co-founder and CEO Ahmed Zahran described the project as “Egypt’s first financed solar battery PPA project”, adding:

“There is rising interest from established financial institutions to explore and support advanced solar
technologies. This new milestone will definitely boost the deployment of battery solutions in
Egypt and across the region on a much larger scale.’’

KarmSolar has a PPA to supply electricity to the poultry farm using a microgrid combining solar PV, storage and diesel generators. The original on-site solar PV station covers 30% of Cairo 3A’s energy needs using renewable energy, reducing its reliance on diesel.

It is not the first solar-plus-storage project in Egypt, however.

A project combining 30MW of solar PV with a 7.5MW battery storage system, also being supplied by Sungrow, will be commissioned during Q4 2022 according to the customer, goldmine operator Centamin in a news release from 13 October. The update from Centamin, which is listed on the London Stock Exchange, didn’t mention the energy storage component.

German developer and engineering, procurement and construction (EPC) contractor juwi is delivering the project.

Read Next

May 20, 2025
Developer and independent power producer (IPP) Zelestra has ordered 1GWh of BESS technology plus PCS equipment from Sungrow for a project in Chile.
Premium
May 20, 2025
ESN Premium speaks with Chloe Hicks of EnergyCo about New South Wales’ Renewable Energy Zones (REZ) and its hopes for energy storage.
May 19, 2025
Elements Green has received grid connection approval from Powerlink Queensland and the AEMO for a 1.3GWh solar-plus-BESS site in Queensland.
May 16, 2025
Developer Elgin Energy has secured grid connection approval from AEMO for a 150MW solar-plus-storage site in Victoria.
May 14, 2025
The Mobility House will provide its aggregation and trading software to Electrohold, the energy trading arm of IPP and T&D network owner Eurohold Bulgaria, to optimise a 2.5GWh portfolio of BESS projects.

Most Popular

Email Newsletter