The Egypt-based debt advisory firm Ezdaher Financial Advisory has received EGP47 million in funding from Qatar National Bank ALAHLI (QNB ALAHLI) for a power purchase agreement (PPA) battery storage system. KarmSolar is a leading solar energy and multi-utility company.
This is a part of Phase 2 of the solar microgrid system that KarmSolar has already set up at the Cairo 3A chicken farm complex in the Bahareya Oasis in Giza, Egypt.
KarmSolar is an Egyptian company started in 2011 by Ahmed Zahran, Omar Hosny, and Tamer Essawy to grow the private, clean energy market. It provides renewable energy to several sectors in Egypt.
In Phase 2 of the project, the current solar station’s capacity will be increased, and a battery storage system will be added. Both of these parts will be made by Sungrow, an international company that makes solar technology.
With this renovation, the amount of solar energy that was used to power the building went up by a lot, bringing the PV contribution to the project to 50%.
This project is seen as a cutting-edge and innovative way to use renewable energy. The average in the industry is usually around 30%.
According to Ahmed Zahran, co-founder and CEO of KarmSolar, the first solar battery PPA project in Egypt is a significant step forward for the region’s renewable energy industry. KarmSolar is thrilled to be working on this project with QNB ALAHLI.
According to Nabil Kammoun, CFO of KarmSolar, reputable financial institutions are increasingly interested in researching and supporting cutting-edge solar solutions.
Because of this recent achievement, there is no doubt that there will be a much greater push for the widespread implementation of battery-powered solutions throughout Egypt and the rest of the region.
KarmSolar is still working to reduce carbon emissions by giving Cairo 3A the most incredible amount of renewable energy and meeting a large portion of its needs with solar energy.
This is in line with COP27’s promise to slow down the removal of carbon dioxide from the atmosphere and encourage the use of renewable energy sources.
CEO Mohamed Bedeir says that QNBALHLI is proud to be a leader in supporting the renewable energy sector by strongly recognizing independent solar developers’ role in the market alongside mega-scale electricity production companies.
This is in line with Egypt’s Vision 2030 sustainable development goals and the Central Bank of Egypt’s initiatives to boost Sustainable Finance.
Saad Khaled of Ezdher says that it has been a great pleasure for us to help KarmSolar get the debt financing it needs for this historic project.
This profitable deal shows that we are still committed to finding new ways to fund green projects in Egypt and Africa that are environmentally friendly.
In 2020, KarmSolar and Cairo 3A will build an on-site, off-grid solar station as part of Phase 1 of the project..A hybrid microgrid of PV solar and diesel generators will power the chicken farm. The original on-site solar PV plant, which uses renewable energy, provides 30% of Cairo 3A’s energy needs.
Sustainable and renewable energy is critical to Africa’s future. Improved energy demands for consumption and production from clean sources are crucial to Africa’s social welfare and economic progress.
Despite the abundance of clean energy sources on the African continent, the majority of these sources are still largely untapped, except recefor nt progress made possible by clean technology platforms such as KarmSolar.
Every year, the cleantech industry grows more quickly and keeps growing
Renewable energy has a lot of potential to help Africa’s economy and society significantly, mainly because it is good for the environment and the climate and is often much cheaper in the long run than importing oil and natural gas.
Cleantech companies are considering these factors as they work toward providing people with clean energy.