Cairo, Egypt - KarmSolar, Egypt’s fastest growing solar energy solutions company, has been identified as one of London Stock Exchange Group’s Companies to Inspire Africa 2019. The report is a celebration of Africa’s most dynamic growth businesses.
To be included in the list, companies needed to be privately held, and show an excellent rate of growth and potential to power African development.
“As we continue to drive the growth of the private solar energy market in Egypt, we are delighted that our efforts have been recognized by an organization as established and credible as the London Stock Exchange Group. The “Companies to Inspire Africa Report” recognizes the commitment made by KarmSolar to be at the forefront of innovation, operations and research and development in the renewable energy sector,” said Amr El Sawaf, Chairman of the Board of KarmSolar.
In 2018, KarmSolar had signed an agreement with Attijari Finances to act as KarmSolar’s global advisor and coordinator for the company’s equity fundraising process, as it continues racing to deliver its pipeline of private solar Power Purchase agreements (PPAs). During the first phase of the agreement, KarmSolar aims to raise approximately 500 million Egyptian Pounds of equity to operate the first batch of its solar powered stations.
As the leading player in the Egyptian private solar PPAs market, KarmSolar currently holds a pipeline of committed projects with a total capacity of almost 100 MWs through its subsidiary KarmPower that will be financed through the first phase of the fundraise. These projects include a 23.5 MW project for Dakahlia Group, and a 20 MW power generation and distribution project for El-Badr for Investment and Commercial Spaces (Arkan Plaza). Once operational, these stations will join KarmPower’s existing portfolio of clients, which includes Juhayna, Fridal, Mazar Mall, and Orion Food Industries.
Amr El Sawaf, Chairman of KarmSolar, added: “To be highlighted as an inspiring business representing the renewable energy sector will push us to not only achieve our milestones but also strive towards exceeding our investors’ expectations. KarmSolar today is the first and only solar company in Egypt to hold both generation and distribution licenses to sell electricity to industrial and commercial consumers on the grid. We see huge potential in this, as electricity prices rise and subsidies drop in the coming months.”
The report was produced in partnership with African Development Bank Group, CDC Group, PWC and Asoko Insight who contributed their insight and expertise to select the featured companies, and the report is sponsored by Instinctif Partners and Stephenson Harwood.
To find out more about London Stock Exchange Group’s Companies to Inspire Africa 2019’ report please visit lseg.com/inspireafrica
The London Stock Exchange Group had started the search for Africa’s “most promising, high-growth” privately held businesses to be published in its “Companies To Inspire Africa” report in November of 2017 . Now in its second year of publication, the “Companies to Inspire Africa Report” is an annual edition compiled by London’s Stock Exchange Group showcasing a selection of Africa’s leading private companies, with the most inspiring stories and strongest growth potential.
The report aims to bridge gaps between investors in London seeking exposure to new geographies and opportunities, by highlighting the exciting potential of a number of small to medium companies in emerging markets.
KarmSolar spearheads the growth of the private solar energy market in Egypt, revolutionizing the solar market through the introduction of innovative and integrated solutions across the residential, industrial, agricultural, commercial and touristic sectors. With unique technical and financial expertise, supported by the company’s in-house Research and Development, today KarmSolar leads the Egyptian market with the largest portfolio of private solar energy projects of over 71 MWs.
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