EDF invests in Egypt’s solar technology and integration startup
- France’s largest state-owned utility company has invested unrevealed finances into KarmSolar. The latter has installed a 165-megawatt solar pipeline throughout Egypt. The Egyptian startup supplies power to large-scale industrial, agricultural and commercial customers.
The electric utility headquartered in Paris has become a shareholder in Egyptian solar developer KarmSolar, which has strengthened the French company’s position in the local solar market.
Électricité de France has invested an unspecified amount of money into the Egypt’s startup. The finance invested is meant for expanding the developer’s pipeline of photovoltaic stations supplying electricity to industrial, agricultural and commercial consumers via PPAs and distributor agreements.
The solar developer headquartered in Zamalek has the 165-megawatt solar capacity installed throughout the country.
KarmSolar is one of the sixteen Egypt-based solar developers approved to participate in a special small-scale solar development program. According to the program terms, installers may secure financing of up to one-fourth of the projects costs. A subsidy provided amounts to $250/kWt of generation capacity installed. The grant cannot exceed $37,500 for up to 150-kilowatt projects.