KarmSolar Company has contracted for the implementation of solar power plants in the private sector with capacity of 70 MW and investments up to $80m.
The company’s CEO, Ahmed Zahran, said that the company signed the contracts for the implementation of the projects with private companies, factories and hotels in Minya, Marsa Alam, and the Western Desert’s Bahareya Oasis, including stations in the construction phase and others that will be initiated soon.
Zahran told Daily News Egypt that the company aims to provide electricity in the private sector at a lower price than electricity distribution companies, and will sell for 25 years at a fixed rate. The plants will be owned 100% by KarmSolar.
Furtherly, he explained that he wants to distribute electricity everywhere in Egypt. “I want to provide the service at a competitive price and with a better quality for the private sector,” he added.
KarmSolar and El Badr for Investment and Commercial Spaces have signed a contract for the generation and distribution of energy at Arkan Plaza. The agreement includes the construction of solar power plants with capacities of 20 MW to be completed by 2021. Arkan Plaza will then be operating in full on solar power.
Zahran said that the company will secure the funding of the project through a number of banks, next to a part from its own resources. The station will be owned fully by KarmSolar.
He noted that the company will also sell electricity directly to consumers in the Baharia Oases area through 35 solar power plants at a lower price from electricity distribution companies.
Zahran noted that it remains hard to sell energy to household consumers, hence the company is not considering it now.
He noted that a stake of the company will be listed on the Egyptian Exchange by 2021 after implementing all the power plants.
The company was established in Egypt in 2011 and works in the field of switching to clean solar energy in a practical way. KarmSolar produces solutions to convert water pumps to operate on solar power as an alternative to electricity. The company has expanded by launching KarmBuild for building entire solar communities.