KarmSolar, solar technology and integration company, targets to increase their power capacity produced by its solar plants to 100 MW by the end of this year.
The company’s CEO Ahmed Zahran, said that the company signed contracts for establishing solar power plants with a total capacity of 71 MW, adding that they are working now to complete agreements over implementation of more solar power projects with a total capacity of 29 MW, before the end of the year, with total investments of $100m.
Moreover, KarmSolar concluded many contracts with the private sector easily and without any complications, pointing out that his company’s offers were “reasonable,” and the company always seeks to reduce costs and provides high quality, he added, noting that the company’s 50 investors injected EGP 125m representing all the company’s current investments and the KarmSolar deals with foreign and local banks, and plans to increase its capital in the coming period.
Meanwhile, he said that KarmSolar signed several contracts for selling electricity to private companies, factories and hotels in Minya, Marsa Alam, and Western Desert Oases, some of which are under construction and others will enter into force.
Notably, KarmSolar seeks to provide electricity to the private sector at a lower price than the traditional electricity distribution companies, as they sell electricity at a fixed tariff for 25 years, in which the ownership rights of the stations go to KarmSolar, he added.
“We aim to provide energy to whole regions outside the national grid at a competitive price and the highest quality under the mechanisms of the law of electricity,” he said.
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 secures the funding of the projects through a number of banks, in addition to a sum from its own resources. The stations 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.
Regarding the possibility of contracting with household consumers, Zahran said that it remains hard to sell energy to household consumers, and the company is not considering it now.
Meanwhile, Zahran said that the company has signed an agreement with valU, a fintech solution company, to finance the construction of small solar plants at the roofs of houses, in instalments over three years, with capacities from 4 kW to 10 kW.
He noted that a stake of the company will offer a part of its shares on the Egyptian Exchange in the fiscal year 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 and it 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.