KarmSolar, Egypt’s Leading Clean Energy Tech Startup, Announces New Minority Stake Round 

KarmSolar, Egypt’s Leading Clean Energy Tech Startup, Announces New Minority Stake Round 

KarmSolar, Egypt’s leading private power utility and solar energy company, has announced a new minority stake round to fund internal and regional expansion plans. However, this comes three years after the company announced a $25,000,000 investment from EDF Renewable Energy on November 25, 2019.

The United States-based Synergy Consulting served as the sell-side adviser for KarmSolar’s new round. The funds will also support existing power generation and distribution businesses and enable the growth of new business verticals such as solar water desalination solutions provider, KarmWater, and the electric mobility venture, KarmCharge.

Ahmed Zahran CEO and Co-founder of KarmSolar said “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.”

About KarmSolar

Ahmed Zahran, Omar Hosny, and Tamer Essawy founded KarmSolar in 2011. It 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.

Furthermore, the Financial Times recently named KarmSolar as one of the fastest growing companies in Egypt and 19th in Africa in 2022. The company has a strong presence across the energy value chain from development, generation, and power distribution to consumers.

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

It is worthy of note that the firm is also the first private company to be granted permission by Egypt’s ERA to distribute electricity in the North Marsa Alam region, signing agreements with eight resorts to join the Marsa Alam Solar grid.

Its recent moves are consistent with the evolution of Egypt’s solar energy sector, particularly with KarmSolar’s long-term strategy to disrupt the existing utility business by developing a vertically integrated multi-utility platform specializing in solar power generation as well as urban and regional power distribution.