Egyptian Cleantech Startup KarmSolar Secures USD 3 M Debt Financing

Egypt-based cleantech KarmSolar has received USD 3 M (EGP83 million) in debt financing from HSBC to finance the development of its Farafra Solar Grid, the company’s 2nd Grid solution after the Marsa Alam Solar Grid in Egypt. The project aims to provide 60% solar penetration, with a three-year goal to reach 100%, and aspires for Farafra Solar Grid to become fully operational by Q3 2023.

KarmSolar aims to spearhead the growth of the private solar energy market in Egypt through the introduction of innovative and integrated solutions across the industrial, agricultural, commercial, and tourism sectors. Farafra Solar Grid is a microgrid solution that utilizes solar PV panels, battery storage system, and diesel generators in a centralized setup, operating under a usufruct agreement, then distributes the generated electricity to the different off-takers.