KarmSolar, a solar power generator and electricity distributor based out of Egypt, has raised $3 million in debt finance to help advance the construction and implementation of the Farafra Solar Grid.
HSBC took part in the investment round with the expertise of Ezdaher Financial Consultancy.
KarmSolar seeks to lead the expansion of Egypt’s private solar energy market by introducing novel and comprehensive solutions for the commercial, agricultural, industrial, and tourism sectors.
“With the launch of the Farafra Solar Grid, we are able to realize our goal of bringing dependable, affordable solar energy to remote areas of the nation. Ahmed Zahran, co-founder, and CEO of KarmSolar, said it is really encouraging to see organizations like HSBC willing to direct their attention and confidence toward investing in unconventional initiatives like the Farafra Solar Grid.
Yasmin Farid, head of small and medium enterprises and business banking at HSBC Bank Egypt, said, “HSBC is committed to supporting and financing the transition to secure a net zero future by helping our clients access sustainable and innovative finance solutions across all business sectors so they can make the investments needed to achieve their net zero goals.
Farafra Solar Grid is a first-of-its-kind microgrid solution that uses solar PV panels, battery storage, and diesel generators in a centralized setup, operating under a usufruct agreement, then distributing the generated electricity to the various off-takers.
It aims to be fully operational by Q3 2023.
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