KarmSolar, the first financed solar Power Purchase Agreement (PPA) battery storage system in Egypt, has received EGP47 million in funding from Qatar National Bank ALAHLI (QNB ALAHLI), under the direction of debt advisory firm Ezdaher Financial Advisory, which is based in Egypt. KarmSolar is a leading solar energy company and multi-utility enterprise.

This is a part of Phase 2 of the solar microgrid system that KarmSolar has already set up at the Cairo 3A chicken farm complex in the Bahareya Oasis in Giza, Egypt.

KarmSolar is an Egyptian company that was started in 2011 by Ahmed Zahran, Omar Hosny, and Tamer Essawy to grow the private clean energy market. It provides renewable energy to several sectors in Egypt.

In Phase 2 of the project, the current solar station's capacity will be increased, and a battery storage system will be added. Both of these parts will be made by Sungrow, an international company that makes solar technology.

Through this renovation, it was possible to dramatically increase the amount of energy used that was produced by solar energy, bringing the project’s PV contribution to 50%.

This project is seen as a cutting-edge and innovative way to use renewable energy. The average in the industry is usually around 30%.

The first solar battery PPA project in Egypt, according to Ahmed Zahran, co-founder, and CEO of KarmSolar, is a significant step for the region’s renewable energy industry. KarmSolar is excited to work with QNB ALAHLI on this project.

Nabil Kammoun, the CFO of KarmSolar, said that reputable financial institutions are becoming more interested in researching and supporting cutting-edge solar solutions.

This new success will definitely make more people in Egypt and the rest of the area want to use battery solutions.

KarmSolar is still working to reduce carbon emissions by giving Cairo 3A the most incredible amount of renewable energy and meeting a large portion of its energy needs with solar power.

This is in line with COP27’s pledge to slow down decarbonization and promote the use of renewable energy sources.

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CEO of QNBALHLI Mohamed Bedeir says that QNBALHLI is proud to play a leading role in supporting the renewable energy sector by strongly recognising the role that independent solar developers can play in the market along with large companies that make a lot of electricity.

This is in accordance with Egypt’s Vision 2030 sustainable development objectives and in synchronisation with the Central Bank of Egypt’s directions toward boosting Sustainable Finance.

Saad Khaled of Ezdher says that it has been a great pleasure for us to help KarmSolar get the debt financing it needs for this historic project.

This profitable deal shows that we are still committed to finding new ways to fund green projects in Egypt and Africa that are environmentally friendly.

Phase 1 of the project calls for the construction of an on-site off-grid solar station by KarmSolar and Cairo 3A in 2020.

The poultry farm will be powered by a hybrid microgrid of PV solar and diesel generators. 30% of Cairo 3A’s energy requirements are met by the original on-site solar PV plant, which uses renewable energy.