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KarmSolar and Cairo3A Poultry had signed a $90mln agreement for 100MW solar power distribution project in Feb 2019
Egyptian solar energy company KarmSolar announced on Sunday that it has secured 47 million Egyptian pounds ($2.4 million) in debt funding from Qatar National Bank ALAHLI (QNB ALAHLI) for the country’s first solar battery storage Power Purchase Agreement (PPA).
The funds will be used for Phase 2 expansion of KarmSolar’s existing solar microgrid system for Cairo 3A Poultry’s farm in the Bahareya Oasis in Giza, Egypt, KarmSolar said in a press statement.
Egypt-based Ezdaher Financial Advisory advised KarmSolar on the transaction, the statement said.
In January, Zawya Projects had reported that China’s Sungrow will provide 2.576 MWp PV inverter and 1MW/3.957 MWh energy storage system KarmSolar for a microgrid BESS (Battery Energy Storage System) for Cairo 3A Poultry.
“Egypt’s first financed solar battery PPA project is a monumental step for the renewable energy sector in the region, and we are delighted to partner with QNB ALAHLI on this project,” said Ahmed Zahran, KarmSolar’s Co-Founder and CEO.
The statement said Phase 2 will increase share of PV solar in the poultry farm’s operations to 50 percent.
Phase 1 microgrid involved a hybrid system of PV solar and diesel generators, which met 30 percent of the poultry farm’s energy needs.
(1 US Dollar = 19.67 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
