- Egyptian company KarmSolar has secured $3 million in debt financing from the Egyptian subsidiary of UK commercial bank HSBC.
- The funding will enable the construction of a hybrid solar power plant for productive use in the Farafra oasis in western Egypt.
Farafra Solar Grid from KarmSolar has gotten $3 million in funding. The HSBC Egyptian affiliate, a British financial institution, provides this loan. This funding will make it possible to build a 3.4 MWp solar photovoltaic power plant, the first phase of the Farafra Solar Grid. The battery storage system will be 4 MWh/1 MW connected to the facility.
A 3.7 MVA diesel generator will also be used to power the grid. “Launching the Farafra solar grid helps us achieve our goal of extending affordable and reliable solar energy to relatively inaccessible areas of the country. It is very refreshing to see institutions like HSBC willing to focus their efforts and confidence on investing in unconventional projects like the Farafra Solar Grid,” says Ahmed Zahran, KarmSolar’s co-founder and CEO
Near the third quarter of 2023, the solar microgrid constructed in Farafra in Egypt’s Western Desert is anticipated to be operational. Two customers will receive most of the electricity in the initial phase. These are Nawa and Juhayna Food Industries, a native of Egypt’s 6th October City and a food processing business. KarmSolar intends to broaden the project to incorporate other Farafra Oasis commercial and industrial (C&I) clients.