KarmSolar Company for solar energy concluded a cooperation agreement with Plus Leasing to provide the necessary funding to private sector companies to rely heavily on renewable energy in the operating irrigation systems to reclaim the lands of the 1.5m acres project.
Under the agreement, Plus Leasing will provide the necessary funding for KarmSolar clients of companies and farms that wish to convert well pumps and irrigation methods from diesel to solar energy. Plus Leasing has allocated EGP 30m to achieve this goal during 2016.
According to Chairman of Plus Leasing Amr Lamey, this funding will be available to KarmSolar clients who wish to convert to their pumps to operate with solar energy.
Lamey said in a statement during the signing of the agreement on Monday that Plus’ customers will only pay 25% of the total cost as a down payment. They will also have the possibility of paying the rest of the cost in installments over five or seven years through financial leasing services provided by Plus.
He pointed out that this agreement enables the private sector to overcome funding problems and a lack of liquidity.
It is of note that KarmSolar provides solar energy for a number of farms, dairy companies, and tourist resorts including the Sahl Hasheesh resort. The company has also recently signed two agreements to purchase the PPA energy with tourism development projects, which the company is expected to begin its work on by next April.
Plus Leasing is a part of the Tharwa Capital Group, which offers a variety of financial services to individuals and companies, with 15 years of experience in the Egyptian market.
The company aims to help small and medium-sized corporations and the self-employed to buy their needs of assets and use them in a simple and fast way through special programmes especially designed for this sector.