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KarmSolar is to Light Arkan Plaza with Solar Power by 2021

1 year 5 months ago

Solar power solutions company KarmSolar partnered with Arkan Plaza owner company ElBadr for investment and commercial spaces to raise $22 million investment to fully light up Arkan with solar power by 2021, Karm announced in a press release.

Following the generation of energy, KarmPower will implement the project.KarmPower is a subsidiary of KarmSolar that invests in private solar power purchase agreements (PPAs) with a total pipeline of committed projects of 65 megawatts to be implemented before the end of 2019.

"We are expecting this to become one of our main business lines as more developers look towards energy efficiency," said Ibrahim Metawie, KarmPower’s general manager.

The partnership, signed on May 10th, consists of a deal by KarmSolar where they promised building solar stations of a final total of 20 megawatts.

“It is our aim to become completely dependent on clean renewable energy by 2021 and we are confident KarmSolar will get us there,” said Tamer Badr El-Din, a board member at ElBadr.

Such a move would ensure sustainable development amongst individuals and communities in addition to motivating other developers to utilize the most abundant renewable energy in Egypt, the sun.

Randa Fahmy and Ahmed Zahran co-founded KarmSolar in 2011, in an aim to provide Egypt with sufficient energy through solar power.

Photo credit: Arkan's Facebook page.

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