- Egypt secures $2.4 million in financing for the solar-plus-storage project.
- The energy storage system will comprise a 2.576MWp PV inverter and 1MW/3.957MWh storage.
A solar energy company spearheading a solar-plus-storage project in Egypt has secured $2.4 million in financing for the project.
KarmSolar secured the $2.4 million from Qatar National Bank ALAHLI, while Ezdaher Financial Advisory assisted with the deal.
KarmSolar’s co-founder and CEO Ahmed Zahran described the project as “Egypt’s first financed solar battery PPA project”, adding: “There is rising interest from established financial institutions to explore and support advanced solar technologies. This new milestone will boost the deployment of battery solutions in Egypt and across the region on a much larger scale.’’
The financing comes as KarmSolar launches a phase 2 expansion of a solar microgrid solution at a poultry farm facility in Giza, operated by Cairo 3A. The expansion includes adding a battery energy storage system and expanding the solar plant’s capacity. Sungrow will provide the battery storage unit, and the energy storage system will comprise a 2.576MWp PV inverter and 1MW/3.957MWh of storage.