By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Japan's Nikkei ends higher, gains capped amid continued concerns over global financial crisis
    Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis
    March 27, 2023
    European Commission VP visits Egypt to discuss education, mobility, and migration issues
    European Commission VP visits Egypt to discuss education, mobility, and migration issues
    March 27, 2023
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
    Tabarak Holding launches 4 exhibitions in Gulf region for Egyptian property export
    March 27, 2023
    Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
    Eight Developments, Gaballah Group sign contract with Mission 235 for Revolve Mall management
    March 27, 2023
  • Politics
    PoliticsShow More
    Germany has delivered Leopard 2 tanks to Ukraine: Scholz
    Ukraine gets first batch of Leopard 2 tanks from Germany
    March 28, 2023
    China’s president Xi met with the King of Saudi Arabia Salman bin Abdulaziz Al-Saud in 2017. Reuters/Alamy
    China’s latest diplomatic move will extend its trade, energy, financial and maritime power
    March 27, 2023
    Saudi Arabia, to the surprise of many, chose China to broker its deal with Iran in March 2023. Chinese Foreign Ministry/Anadolu Agency via Getty Image
    As longterm partnership with US fades, Saudi Arabia seeks to diversify its diplomacy – and recent deals with China, Iran and Russia fit this strategy
    March 27, 2023
    Mass Israel protests after Netanyahu fires defence minister
    Israeli PM calls for calm amid turmoil over government’s judicial overhaul
    March 27, 2023
    Somalia says army kills over 3,000 Al-Shabab militants in 6 months
    Somalia says army kills over 3,000 Al-Shabab militants in 6 months
    March 27, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: KarmSolar announces new minority stake round 
Share
Notification
Latest News
Germany has delivered Leopard 2 tanks to Ukraine: Scholz
Ukraine gets first batch of Leopard 2 tanks from Germany
Politics
China’s president Xi met with the King of Saudi Arabia Salman bin Abdulaziz Al-Saud in 2017. Reuters/Alamy
China’s latest diplomatic move will extend its trade, energy, financial and maritime power
Opinion Politics World
Saudi Arabia, to the surprise of many, chose China to broker its deal with Iran in March 2023. Chinese Foreign Ministry/Anadolu Agency via Getty Image
As longterm partnership with US fades, Saudi Arabia seeks to diversify its diplomacy – and recent deals with China, Iran and Russia fit this strategy
Opinion Politics
Japan's Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Stock Market
Mass Israel protests after Netanyahu fires defence minister
Israeli PM calls for calm amid turmoil over government’s judicial overhaul
Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Energy > KarmSolar announces new minority stake round 
Energy

KarmSolar announces new minority stake round 

Daily News Egypt
Last updated: 2022/08/30 at 12:30 AM
By Daily News Egypt 3 Min Read
Share
KarmSolar announces new minority stake round 
SHARE

KarmSolar — Egypt’s leading private power utility and solar energy company — has initiated a round of capital increase to fund its local and regional expansion plans.

The new investment round is supported by US-based Synergy Consulting as the sell-side adviser. The capital injection will support existing power generation and distribution businesses, as well as enable new business verticals like solar water desalination solutions provider KarmWater and electric mobility venture KarmCharge to flourish.

This comes in line with the evolution of the solar energy sector currently taking place in Egypt, especially with KarmSolar’s long term strategy to disrupt the existing utility business by developing a vertically integrated multi-utility platform with a specialisation in solar power generation, as well as urban and regional power distribution.

“Through the minority stake sale, we are seeking a new partner to join KarmSolar’s current shareholders and its strategic shareholder EDF Renouvelables in supporting the next stage of our journey. These are exciting times for the future of smart and connected utility platforms and we plan to be at the forefront of this paradigm shift in our region,” said CEO and Co-founder of KarmSolar Ahmed Zahran.

Named by the Financial Times as one of the fastest growing companies in Egypt and 19th in Africa in 2022, KarmSolar has a strong presence across the energy value-chain from development, generation, until distribution of power to consumers. 

Today, the company holds a portfolio of 42 MW of secured and financed generation assets — 30 MW of which are operational — and 48 MVA of contracted distribution power capacity in the industrial, commercial, agricultural and tourism sectors — 12 MVA of which are operational.

Earlier this year, KarmSolar signed a 22 MW power distribution agreement with MARAKEZ — one of Egypt’s leading mixed-use real estate developers — for D5M, its new mall in East Cairo. 

It also became the first private company to receive a permit to distribute electricity in the North Marsa Alam region by Egypt’s ERA, signing agreements with eight resorts to join the Marsa Alam Solar grid.

You Might Also Like

We are waiting for commercial details of LNG import agreement from Egypt: Bulgaria’s Energy Minister

KarmSolar Secures EGP 47m in funding from QNB Alahli

Egyptian President meets with Fortescue Future Industries over green hydrogen opportunities ahead of COP27

Enppi, Petrojet acquire foreign partner’s stake for $117m

Emirati, Australian companies consider investing in Egyptian green energy

TAGGED: KarmSolar
Share this Article
Facebook Twitter Email Print
Previous Article We aim to reduce debt-to-GDP ratio to 75% by 2026: Minister of Finance We aim to reduce debt-to-GDP ratio to 75% by 2026: Minister of Finance
Next Article Sharm El-Sheikh to host Global Symposium for Regulators 2023 Sharm El-Sheikh to host Global Symposium for Regulators 2023
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Germany has delivered Leopard 2 tanks to Ukraine: Scholz
Ukraine gets first batch of Leopard 2 tanks from Germany
Politics
China’s president Xi met with the King of Saudi Arabia Salman bin Abdulaziz Al-Saud in 2017. Reuters/Alamy
China’s latest diplomatic move will extend its trade, energy, financial and maritime power
Opinion Politics World
Saudi Arabia, to the surprise of many, chose China to broker its deal with Iran in March 2023. Chinese Foreign Ministry/Anadolu Agency via Getty Image
As longterm partnership with US fades, Saudi Arabia seeks to diversify its diplomacy – and recent deals with China, Iran and Russia fit this strategy
Opinion Politics
Japan's Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Japan’s Nikkei ends higher, gains capped amid continued concerns over global financial crisis
Stock Market
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?