EDF invests in KarmSolar

EDF Renewables will enter into a strategic partnership in the development of distributed solar in Egypt. As part of this partnership, EDF Renewables will inject capital to take a strategic equity stake in KarmSolar, through a reserved capital increase.

This investment will allow KarmSolar to implement its development plan in the country. It consists in expanding its portfolio of solar plants providing power to commercial, agricultural and industrial clients through Power Purchase Agreements (PPAs) or distribution contracts.

KarmSolar currently holds a portfolio in Egypt close to 170 MW of solar PV plant projects in operations, under construction and advanced development. These solar projects take part in the Egyptian government’s target of generating 42% of its electricity from renewable sources by 2035.

KarmSolar is a leading player in the emerging solar Independent Power Producer market in Egypt. The company secures PPAs and solar distribution contracts with large commercial, agricultural and industrial clients.