KarmSolar signed a deal with El Badr for Investment and Commercial Spaces to generate and distribute solar power to Arkan Plaza, in El Sheikh Zayed on Thursday.
The deal includes a commitment by KarmSolar to build solar stations of a total of 20MWs by 2021, converting Arkan Plaza to run 100% on solar energy.
The project will be implemented by KarmPower a subsidiary of KarmSolar that invests in private solar power purchase agreements with a total pipeline of committed projects of 65MWs, to be implemented before the end of 2019.
“This is KarmPower’s first time to take on a comprehensive energy solution for a commercial mall. We are expecting this to become one of our main business lines, as more developers look towards energy efficiency,” said Ibrahim Metawie, general manager of KarmPower.
On the other hand, Tamer Badr El Din, a board member at El Badr for Investment and Commercial Spaces explained that the company aims to become completely dependent on renewable energy by 2021.
Ahmed Zahran, KarmSolar CEO said: “Our partnership with a real estate leader like El Badr aims to enable them to streamline their energy utility operations,” adding that, “investing in clean energy is no longer a choice, but a necessity.”