French firm EDF (Electricité de France) is set to invest $25 million in Egypt’s KarmSolar before the end of this year, according to reporting by Daily News Egypt. The source told the news outlet that negotiations with KarmSolar have reached very advanced stages and are expected to be officially declared within days, however, the source did not disclose any further details.
Meetings were held between the two companies’ officials last week. If the deal is completed, KarmSolar would likely to put a percentage of the company for an IPO.
KarmSolar is the first private solar integrator in Egypt to obtain a license from the Egyptian Electricity Regulatory Agency (EgyptERA) to generate, sell & distribute electricity to private sector consumers and was the first company in Egypt to reach financial closure, obtain the final license and operate its Feed-In-Tariff (FiT) station selling power to the national grid.
KarmSolar also holds a certification of eligibility issued by the New and Renewable Energy Authority (NREA) to install and interconnect solar stations to the national grid.