On Monday November 25,EDF Renewables and Egyptian developer and supplier of solar power KarmSolar have signed a strategic partnership, helping the former continue its expansion into the African country.
 
The partnership will see EDF Renewables, the renewable energy subsidiary of EDF Group, buy an undisclosed stake in the Egyptian firm. The investment will help bankroll various KarmSolar projects around the country, expanding the portfolio through power purchase agreements (PPAs) or distribution contracts.
 
KarmSolar already has close to 170MW of solar PV plant projects in operations, under construction and advanced development, and is considered a leading player in the emerging solar IPP space in Egypt.
 
Ahmed Zahran, the CEO of KarmSolar said that the investment constituted “a new major step to support our growth”.
 
“Throughout our conversations with EDF Renewables, it was very clear that they believed in what we want to achieve – which is to promote renewable energy and to make solar power more accessible.”
 
EDF Renewables’ executive VP for international operations Frederic Belloy said the company was “delighted” by the partnership with KarmSolar.
 
Speaking at the “Global Trade Matters International Dialogue on Climate Neutrality last Monday in Cairo, Ahmed Zahranemphasized the great importance of the development of solar technologies in Egypt noting that Solar power is not only essential in combating climate change and achieving carbon neutrality, but solar power simply makes economic sense for governments, the private sector and normal people.