The first financed solar Power Purchase Agreement (PPA) battery storage system in Egypt has received EGP47 million in funding from Qatar National Bank ALAHLI (QNB ALAHLI), under the direction of debt consulting firm Ezdaher Financial Advisory, which is located in Egypt.
This is a component of the Phase 2 extension of the solar microgrid system that KarmSolar has already installed at the Cairo 3A chicken farm complex in the Bahareya Oasis in Giza, Egypt.
Phase 2 of the project entails the extension of the current solar station’s capacity as well as the inclusion of the battery storage system, both of which are provided by the international solar technology firm Sungrow.
Through this renovation, it was possible to dramatically increase the amount of energy used that was produced by solar energy, bringing the project’s PV contribution to 50%. This project is regarded as a cutting-edge renewable energy initiative and innovation, with industry norms often hovering around 30%.
“Egypt’s first funded solar battery PPA project is a momentous breakthrough for the renewable energy sector in the area, and we are thrilled to cooperate with QNB ALAHLI on this project,” said Ahmed Zahran, co-founder and CEO of KarmSolar.
Nabil Kammoun, the chief financial officer of KarmSolar, continued, “There is growing interest from reputable financial institutions to investigate and promote breakthrough solar technology. This new accomplishment will undoubtedly encourage the much wider use of battery solutions in Egypt and the rest of the region.
KarmSolar has largely replaced Cairo 3A’s energy demands with solar energy and is continuing its decarbonization efforts to provide Cairo 3A’s usage with as much renewable energy as is practical. This is in line with the COP27 pledge to lessen carbon dioxide emissions and rely more on renewable sources of energy.
“In accordance with Egypt’s Vision 2030 sustainable development objectives, and in alignment with the Central Bank of Egypt’s directions toward promoting Sustainable Finance, QNB ALAHLI is proud to be playing a leading role in supporting the renewable energy sector by highly recognizing the role that independent solar developers can contribute in the market alongside mega-scale electricity production companies,” said Mohamed Bedeir, CEO of QNBALHLI.
In Phase 1, KarmSolar signed a PPA deal in 2020 with Cairo 3A to develop an on-site off-grid solar station to deliver energy to the poultry farm using a hybrid microgrid of PV solar and diesel generators. The original on-site solar PV system uses renewable energy to provide 30% of Cairo 3A’s energy demands.
