KarmSolar, Egypt’s fastest growing solar energy solutions company, has been identified by the London Stock Exchange Group (LSEG) as one of the Companies to Inspire Africa 2019 listing. The LSEG report acknowledged Africa’s most dynamic businesses.
Companies need to be privately held, and show an excellent rate of growth and potential to push African development, so that they can be included in the list.
“As we continue to drive the growth of the private solar energy market in Egypt, we are delighted that our efforts have been recognised by an organisation as established and credible as the LSEG. The “Companies to Inspire Africa Report” recognises the commitment made by KarmSolar to be at the forefront of innovation, operations, research, and development processes in the renewable energy sector,” said Amr El Sawaf, chairperson of KarmSolar.
Notably in 2018, KarmSolar signed an agreement with Attijari Finances Corporation to act as KarmSolar’s global advisor and coordinator for the company’s equity fundraising process, as it continues racing to deliver the contracted pipelines of the private solar power purchase agreements (PPAs).
During the first phase of the agreement, KarmSolar aims to raise approximately EGP 500m of equity to operate the first batch of its solar power plants.
As a main player in the Egyptian private solar PPAs market, KarmSolar currently holds a pipeline of committed projects with a total capacity of almost 100MW through its subsidiary KarmPower that will be financed through the first phase of the fundraise. These projects include a 23.5MW project for Dakahlia Group, and a 20MW power generation and distribution project for El-Badr for Investment and Commercial Spaces. Once these projects start operation, they will join KarmPower’s existing portfolio of clients, which includes Juhayna, Fridal, Mazar Mall, and Orion Food Industries.
The LSEG report was issued in partnership with the African Development Bank Group, CDC Group, PwC, and Asoko Insight which contributed their insight and expertise to select the featured companies. The report was sponsored by Instinctif Partners and Stephenson Harwood.