- KarmSolar is delivering three major projects: a 100 MW P2P solar plant, expansion of the Farafra Solar Grid, and the Marsa Alam hybrid grid with solar-powered desalination.
- The company is growing into Europe through its Cyprus project, while positioning itself as a regional utility integrating generation, storage, distribution, and e-mobility.
KarmSolar is accelerating Egypt’s clean-energy transition with $110 million in new investments and a series of large-scale solar projects. CEO Ahmed Zahran said the company plans to develop solar infrastructure across key regions over the next three years while launching its first international project in Cyprus under KarmCyprus CEO Yiannis Karis.
The company highlighted three flagship projects. A 100 MW solar plant under Egypt’s new Private-to-Private (P2P) framework will supply electricity to industrial clients via the national grid in the New Valley Governorate. KarmSolar is also expanding the Farafra Solar Grid, doubling solar utilisation to 60% to serve 64,000 acres of agricultural land. In Marsa Alam, a 10 MW hybrid solar grid now connects nine resorts, reducing energy costs by up to 60%. Meanwhile, the region’s first solar-powered desalination plant meets resort water needs at lower costs.
Zahran said KarmSolar’s approach combines electricity generation with integrated distribution networks, targeting sectors with high energy demand such as agriculture, tourism, and industry. He noted the company relies on commercially viable financing models, including green bonds, rather than environmental labels, and is exploring a potential IPO.
The Cyprus project received €15 million in blended financing and leverages local partnerships to meet regulatory standards. Karis said the island serves as a strategic gateway for Mediterranean and European expansion.
Zahran said the company aims to build a regional renewable energy utility that integrates generation, distribution, storage, and electric mobility. With ongoing projects in Egypt and its first international venture in Cyprus, KarmSolar is positioning itself as a leading solar developer in North Africa and the Eastern Mediterranean.