Cairo-based solar energy company KarmSolar has signed a $90 million solar distribution contract with Cairo3A Poultry, a subsidiary of Cairo 3A group, one of the country’s leading conglomerates with interests in agriculture, transportation, poultry production, and grain trading, KarmSolar announced today.
It is the biggest signed agreement for KarmSolar, the company noted in the statement, adding that it will provide 100% of Cairo3A Poultry’s energy needs from solar power.
“With the contract projected to double KarmPower’s pipeline of committed projects to date, which today reached a total of almost 80 MW to be implemented by the end of 2020,” said the company in the statement.
KarmPower is a subsidiary of KarmSolar that invests in private solar Power Purchase Agreements (PPAs). It is the first private solar company to hold a power distribution license in Egypt.
Amr El Sawaf, Chairman of the Board of KarmSolar, commenting on the occasion, said, “This is an important milestone for KarmSolar, as we continue to drive the growth of the private solar energy market in Egypt. KarmPower, our subsidiary, through its rapid expansion and commitment to taking on new projects is set to maintain KarmSolar as the largest private sector solar energy provider in the country.”
Dr. Amir Iskandar, CEO of Cairo3A Poultry, said, “Cairo 3A welcomes the signing of this new agreement. It is a tremendous honour for us to be working alongside KarmSolar, with their impressive background, and breadth of experience in the sector. We look forward to more ongoing collaboration between our two companies.”
Founded in 2011, KarmSolar in a short time has become the leading private player in the solar energy market of Egypt with the largest portfolio of private solar energy projects of over 71 MWs.
Latest posts by MB Staff (see all)
- Dubai’s AlgoDriven raises $625,000 Pre-Series A to help car dealers and insurance companies accurately identify and price used cars - July 16, 2019
- Egyptian mobile gaming startup Cryptyd raises Pre-Series A investment from Cairo Angels and Alex Angels - July 16, 2019