Egypt-based cleantech KarmSolar raised $2.4 million in funding from Qatar National Bank ALAHLI (QNB ALAHLI) with advisory led by Ezdaher Financial Advisory, an Egypt-based debt advisory firm.
KarmSolar provides renewable energy to several sectors in Egypt as part of its goal to expand the private clean energy market. According to the company, Phase 2 of the project will include the addition of a battery storage system as well as an expansion of the capacity of the existing solar station. The new funding will be used to finance the solar Power Purchase Agreement (PPA) battery storage system, as well as to expand KarmSolar’s plans to deploy battery solutions on a larger scale in Egypt and throughout the region.
