- Solar PV provider KarmSolar secures $2 million in funding for electricity storage at the Cairo 3A poultry farm.
- The company operates a solar PV plant there.
The commercial bank QNB Alahli, a division of Qatar National Bank, provided 47 million Egyptian pounds ( about $2 million) in funding for Karmsolar with the advice of Ezdaher Financial Advisory. With the help of this financing, the Egyptian company Cairo 3A Poultry Farm will be powered by the second phase of a solar farm that solar energy supplier KarmSolar is building in the Bahareya oasis of the Giza governorate.
The farm will be powered by 100 MWp of solar energy from KarmSolar. The business has already set up a solar farm with a 1 MW/3.957 MWh storage system nearby, and its Chinese partner Sungrow, KarmSolar, intends to start the project’s phase in May 2022.
As KarmSolar looks to raise $80 million to fund its expansion in Egypt, QNB Alahli is offering a $2 million loan. The Egyptian company receives fundraising advice from Synergy Consulting, a US-based firm. “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.