Egyptian Solar Leader Karm Expands Internationally with EUR 5 Million Eurobank Financing for Cyprus Project
Egypt-based solar energy pioneer, Karm (known as KarmSolar), has announced a significant milestone: its inaugural international expansion into the Cypriot renewable energy market. This strategic move marks the establishment of KarmCyprus, extending Karm’s established expertise beyond its Egyptian origins. Founded in 2011 by Ahmed Zahran, Xavier Auclair, Yumna Madi, and Randa Fahmy, Karm has been instrumental in growing Egypt’s private clean energy sector by providing renewable energy solutions across various industries. This expansion signals a new era of growth and influence for the company in the broader Mediterranean region.
Powering Cyprus: A 7.6 MW Solar PV Plant Backed by Eurobank and Strategic Investment
Karm’s entry into Cyprus is underpinned by robust financial backing and a proven business model. KarmCyprus successfully secured EUR 5 million in project financing from Eurobank, specifically earmarked for the construction of a 7.6 MW solar photovoltaic (PV) plant. This substantial facility will be located in Monagroulli, situated in southern Cyprus, with operations anticipated to commence by September 2026. Demonstrating its commitment, Karm invested EUR 2 million to establish its Cypriot subsidiary, a move further strengthened by an additional EUR 8 million raised from both Egyptian and international investors. Critically, this expansion sees Karm replicate its successful vertically integrated energy model, which encompasses generation, distribution, storage, and e-mobility solutions. This comprehensive approach not only underscores the project’s inherent bankability but also solidifies Karm’s credibility as a formidable player within the dynamic Mediterranean energy landscape, extending its African tech innovation footprint.
This ambitious move by Karm not only diversifies its operational footprint but also underscores its commitment to accelerating the global transition to clean energy. By bringing its integrated energy expertise to Cyprus, Karm is poised to make a substantial contribution to the island’s renewable energy targets, further solidifying its position as a leading utility in the clean energy space and paving the way for future international ventures from the African continent.
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