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 component of the Phase 2 growth of the solar microgrid system that KarmSolar has already installed at the Cairo 3A chicken farm complex in the Bahareya Oasis in Giza, Egypt.
KarmSolar, a company founded in 2011 by Ahmed Zahran, Omar Hosny, and Tamer Essawy to expand the private clean energy market, offers renewable energy to several sectors in Egypt.
Phase 2 of the project entails the extension of the current solar station’s capacity and the inclusion of the battery storage system, both of which are provided by the international solar technology manufacturer Sungrow.
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 regarded as a cutting-edge renewable energy project and innovation, with industry averages often hovering 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, CFO of KarmSolar, stated that reputable financial institutions are becoming more interested in researching and supporting cutting-edge solar solutions.
This new accomplishment will undoubtedly encourage the much wider adoption of battery solutions in Egypt and the rest of the region.
KarmSolar is continuing its decarbonization endeavors to supply Cairo 3A’s consumption with the most incredible amount of renewable energy while also substituting a significant portion of Cairo 3A’s needs with solar energy.
This is in line with COP27’s pledge to slow down decarbonization and promote the use of renewable energy sources.
According to Mohamed Bedeir, CEO of QNBALHLI, QNB ALAHLI is proud to be playing a leading role in supporting the renewable energy sector by strongly recognizing the role that independent solar developers can contribute in the market alongside mega-scale electricity production companies.
This is in accordance with Egypt’s Vision 2030 sustainable development objectives and in synchronization with the Central Bank of Egypt’s directions toward boosting Sustainable Finance.
It has been our great pleasure to assist KarmSolar in obtaining the necessary debt financing for this historic project, according to Saad Khaled of Ezdaher.
This profitable deal strengthens our ongoing dedication to advancing sustainable funding through creative financing methods for green projects throughout Egypt and Africa.
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.
Techbuild’s Take
Energy that is sustainable and renewable is essential to Africa’s future. Social welfare and economic progress in Africa depend on introducing improved energy demands for consumption and production from clean sources.
Despite the abundance of clean energy sources on the African continent, many of them are still mostly untapped except for recently thanks to cleantech platforms like KarmSolar.
The cleantech industry is not only growing more significantly every year, but it is also expanding consistently.
Renewable energy has a great opportunity for wider substantial socio-economic advantages in Africa, in particular with respect to being environmentally and climatically friendly and frequently highly cost-effective compared to the long-term costs of imported oil and natural gas.
Cleantech companies are taking this into consideration in their efforts to provide clean energy to the people.
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