KarmSolar opens its capital to new shareholders. The photovoltaic solar energy supplier based in Cairo (in Egypt) is launching a fundraiser with the aim of raising 80 million dollars. According to KarmSolar, the funds contributed by the new shareholders will allow the financing of its expansion in Egypt and in other countries of the region. The company headed by Ahmed Zahran installs photovoltaic solar power plants for commercial and industrial (C&I) customers.
A few months ago, KarmSolar commissioned a solar photovoltaic power plant at Cairo 3A Poultry, a poultry farm located near Cairo. The company claims 42 MW of secured and financed generation assets (of which 30 MW are operational) and 48 MVA of contracted power distribution capacity in the industrial, commercial, agricultural and tourism sectors.
Investment in desalination
“Through the sale of a minority stake, we are looking for a new partner to join the current shareholders of KarmSolar and its strategic shareholder, EDF Renouvelables, to support the next stage of its expansion,” explains Ahmed Zahran, Managing Director of KarmSolar.
As part of its fundraising, the Egyptian company is advised by the American company Synergy Consulting. “The injection of funds will support existing power generation and distribution businesses, and enable new vertical businesses, such as solar water desalination solutions provider KarmWater and electric mobility company KarmCharge, to prosper, says KarmSolar.
With the water stress that Egypt is experiencing, the government is supporting the establishment of small seawater desalination plants. KarmSolar is riding on this policy to meet the demand for water in coastal cities. In September 2021, the company which claims 113 employees entered into a partnership to provide drinking water in the seaside resort of Marsa Alam, in the governorate of the Red Sea.
Jean Marie Takouleu