Cairo – Mubasher: The Egypt-based cleantech KarmSolar has received $3 million (EGP 83 million) in debt financing from HSBC to finance the development of its Farafra Solar Grid.
The Farafra Solar Grid is KarmSolar's second grid solution after the Marsa Alam Solar Grid, covering 100% of clients’ load, according to a press release on Tuesday.
The project aims to provide 60% solar penetration, with a three-year goal to reach 100%, thereby offsetting a total of around 5,200 tonnes of CO2 emissions annually.
Targeting to become fully operational by the third quarter (Q3) of 2023, Farafra Solar Grid is a first-of-its-kind microgrid solution that utilises solar PV panels, battery storage system, and diesel generators in a centralised setup, operating under a usufruct agreement, then distributes the generated electricity to the different off-takers.
The current clients for Phase 1 are Juhayna and Nawa for Agricultural Investment, with huge room for future expansion to other operational clients in this area.
Established in 2011 by Ahmed Zahran, Xavier Auclair, Yumna Madi, and Randa Fahmy, KarmSolar provides several sectors in Egypt with renewable energy as part of its target to enlarge the private clean energy market.
