To support its aspirations for local and regional development, KarmSolar, Egypt’s largest private power utility and solar energy provider, has secured a fresh round of funding.
Through the introduction of cutting-edge and integrated solutions for the industrial, agricultural, commercial, and tourist sectors, KarmSolar seeks to lead the expansion of the private solar energy industry in Egypt.
The new investment round, which will be used to support existing power generation and distribution businesses as well as new verticals like solar water desalination solutions provider KarmWater and electric mobility venture KarmCharge, will be supported by US-based Synergy Consulting as the sell-side advisor.
“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, connected utility platforms and we plan to be at the forefront of this paradigm shift in our region,” said Ahmed Zahran, CEO and co-founder of KarmSolar.
