- KarmSolar, a solar energy production and distribution specialist, wants to raise $80 million.
- This investment will enable the company to boost its activities in Egypt and solar energy desalination.
KarmSolar, a solar energy company, has begun a fundraising campaign to raise $80 million. The funds contributed by the new owners, according to KarmSolar, would aid in financing the company’s expansion in Egypt and other nations in the area. The company installs solar PV power plants for use by commercial and industrial (C&I) clients.
A solar PV system was put into operation a few months ago by KarmSolar at Cairo 3A Poultry, a poultry farm close to Cairo. According to the company, it has secured and financed 42 MW of generation assets (of which 30 MW are operational) and 48 MVA of contracted electricity distribution capacity in the commercial, agricultural, tourist, and industrial sectors.
“Through the sale of a minority stake, we are looking for a new partner to join KarmSolar’s existing shareholders and its strategic shareholder, EDF Renewables, to support the next stage of its expansion,” says Ahmed Zahran, KarmSolar’s CEO.
US-based Synergy Consulting is advising the Egyptian company in its fundraising. “The injection of funds will support the existing power generation and distribution business, and allow new verticals, such as solar water desalination solutions provider KarmWater and electric mobility company KarmCharge, to flourish,” says KarmSolar.