KarmSolar, a private Egyptian power utility and solar energy company has initiated a capital raising round to increase funds for its local and regional expansion plans. The capital raised will support existing power generation and distribution businesses, and enable new business for the expansion of its solar water desalination solutions provider KarmWater and electric mobility venture KarmCharge to expand.
“Through the minority stake sale, we are seeking a new partner to join KarmSolar’s current shareholders and its strategic shareholder EDF Renouvelables in supporting the next stage of our journey. These are exciting times for the future of smart and connected utility platforms and we plan to be at the forefront of this paradigm shift in our region,” said CEO and Co-founder of KarmSolar Ahmed Zahran.
KarmSolar has a strong presence across the energy value-chain from development, generation, until distribution of power to consumers and holds a portfolio of 42 MW of secured and financed generation assets.
The new investment round is supported by US-based Synergy Consulting as the adviser.