KarmSolar, the leading solar energy and utility company in Egypt, and Marakez, one of the largest mixed-use project developers in Egypt, have signed a 22 MW power distribution agreement for D5M, Marakez’s newest shopping destination, which is part of District Five project in East Cairo.
Under the power distribution agreement, KarmSolar will invest in the electrical energy infrastructure in the D5M and will be responsible for operating and maintaining the project’s internal electricity network, in addition to collecting fees from the tenants of D5M.
Basil Ramzy, Managing Director of Marakez, said that his company is reaching unprecedented levels of developing mixed-use projects in Egypt. “We are looking forward to establishing a fruitful partnership with KarmSolar because we aim to provide various projects with environmentally friendly renewable energy sources,” he added.
The agreement also includes constructing a solar power plant to supply D5M with a capacity of 1.7 MW, with the aim of expanding to operate on 100% renewable energy by 2027.
Commenting on the agreement, Ahmed Zahran, CEO of KarmSolar, said: “Marakez is one of the most innovative and accomplished developers we have dealt with. The D5M Mall is a huge project and a milestone in the course of the urban power distribution program of KarmSolar. This project will be one of our most important expansions in the East Cairo region.”
After signing the agreement, the total power distribution capabilities that KarmSolar will provide will reach up to 40 megawatts, covering the needs of many real estate development projects and geographical areas all over Egypt. The distinct work model KarmSolar applies has contributed to the growth of the energy distribution field through direct investment in the infrastructure of energy in various projects. This significantly reduces the costs developers bear.
The solar power plant that KarmSolar will be establishing at D5M and the power distribution scheme includes smart meters supported by mobile applications for tenants, charging stations for electric vehicles, and electricity financing programs for the companies within the project. This is part of the power distribution offer that distinguishes KarmSolar from any other providers in terms of cost savings and other added service packages.