|11 September, 2018

Egypt's KarmSolar to raise $28mln for expansion plans

The company aims to raise the funds to operate first batch of its solar powered stations

Image for illustrative purpose. Solar Plant in Morocco.

Image for illustrative purpose. Solar Plant in Morocco.

KarmSolar, Egypt’s fastest growing solar energy solutions company, has signed an agreement with Attijari Finances to act as KarmSolar’s global advisor and coordinator for the company’s equity fundraising process, the company announced on Tuesday.

This move comes as part of the augmentation of KarmSolar’s fundraising mechanism as it races to deliver its pipeline of private solar power purchase agreements (PPAs).

During the first phase of the agreement, KarmSolar aims to raise approximately EGP 500m of equity to operate the first batch of its solar powered stations.

KarmSolar currently holds a pipeline of committed projects with a total capacity of 65 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).

“This move is key in our plan to ramp up our fundraising process. The main motivation behind choosing Attijari Finances is their deep understanding of the power markets and renewable energy financing given their experience in Morocco, we are looking forward for finalizing this round and the future ones with Attijari Finances,” said Yasmine Nassar, KarmSolar’s Investment manager.

Moreover, Ahmed Zahran, KarmSolar’s CEO said that the company projects grew from 0.6 MW to 65 MW in less than a year, adding that before the end of this year a third project is scheduled for delivery, and the fourth one will reach midway in construction.

Idriss Berrada, Attijari Finances’ general manager said, “in view of the important funding requirements of the renewable energy sector in Africa and the Middle East, Attijari Finances’ role is to align the interests of project sponsors and relevant investors to develop attractive investment opportunities in both regions.”

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