Grace Ashiru
KarmSolar, an Egyptian company that makes solar power and sells electricity, has raised $3 million in debt financing to help speed up the building and use of the Farafra Solar Grid with the help of Ezdaher Financial Consultancy, HSBC toopart in the investment round.
KarmSolar wants to lead the growth of Egypt’s private solar energy market by offering new and complete solutions for the commercial, agricultural, industrial, and tourism sectors.
With the launch of the Farafra Solar Grid, we can reach our goal of bringing reliable, low-cost solar energy to far-flung parts of the country.
Ahmed Zahran, co-founder, and CEO of KarmSolar, said that it’s great to see companies like HSBC willing to put their money and attention into projects like the Farafra Solar Grid that aren’t as common.
According to Yasmin Farid, the head of small and medium enterprises and business banking at HSBC Bank Egypt, “HSBC is committed to supporting and financing the transition to a net zero future by helping our clients access sustainable and innovative finance solutions across all business sectors so they can make the investments they need to reach their net zero goals.
Farafra Solar Grid is the first microgrid solution of its kind. It uses solar PV panels, battery storage, and diesel generators in a centralized setup, under a usufruct agreement, and then sends the electricity it makes to the different off-takers.
It hopes to be fully running by the third quarter of 2023.
