Cairo / Paris November 25, 2019
EDF Renewables, the subsidiary of the EDF Group specializing in renewable energies, and KarmSolar, an Egyptian solar energy developer and supplier, will become strategic partners to develop distributed solar energy in Egypt. As part of this partnership, EDF Renewables will take a strategic stake in KarmSolar via a reserved capital increase. This operation will allow KarmSolar to carry out its ambitious development plan in Egypt. The latter consists of increasing the portfolio of photovoltaic plants which supply electricity to industrial, agricultural and commercial customers, through electricity sales contracts (PPA) or energy distribution contracts. This investment will be part of the EDF Group's CAP 2030 strategy, which aims to double its renewable energy production capacity worldwide between 2015 and 2030, bringing it to 50 GW net.
KarmSolar currently has a total portfolio of 170 MW of operational solar photovoltaic power plant projects, under construction or in the advanced development phase. These solar energy projects help achieve the Egyptian government's goal of obtaining 42% of renewable electricity in the country by 2035.
KarmSolar is a major player in the emerging market of independent solar power producers in Egypt targeting private customers. The company offers power purchase or solar energy distribution contracts to large industrial, agricultural and commercial customers.
For more than ten years, EDF Renewables has been developing energy solutions for its corporate clients in the industrial and commercial sectors wishing to consume electricity from renewable sources, such as Microsoft, Procter & Gamble, Kimberly-Clark, Yahoo, Nivea, Danone, Coca Cola, Nestlé, Wahaha or Tesco, in many countries: the United States, France, China and, more recently, the United Kingdom.
Fréderic Belloy, International Director of EDF Renewables, declared: “We are very pleased to establish this partnership which will help KarmSolar implement its innovative business model. This alliance fits perfectly with EDF Renewables' strategy aimed at offering solutions adapted to its industrial and commercial customers who wish to reduce their carbon footprint by producing and consuming competitive renewable energy. This investment is also in line with the group's international strategy, with the North African region presenting significant development potential. After the recent commissioning of two solar power plants with a total capacity of 130 MWp in Benban, this partnership reinforces our long-term development strategy in Egypt. ".
“This investment represents a major new step in our continued growth, and we are convinced that EDF Renewables is the right partner to help KarmSolar launch the next phase of its expansion” underlined Ahmed Zahran, Managing Director of KarmSolar. “Our discussions with EDF Renewables have confirmed that the group supports our desire to promote renewable energies and make solar energy more accessible. ". The president of KarmSolar, Amr El Sawaf, added: “This is a very important new level in the development of our company, which aims to accelerate its expansion. EDF Renewables is not only an investor, but also a strategic partner whose international experience will bring KarmSolar influence on the local market and deeper technical expertise. This investment is also expected to boost the private solar energy market in Egypt and thus help make it a regional renewable energy platform, in line with the government's vision. ".
About KarmSolar
Spearheading the growth of the private solar energy market in Egypt, KarmSolar is revolutionizing this market through the introduction of innovative and integrated solutions in the residential, industrial, agricultural, commercial and tourism sectors. With unique technical and financial expertise, generated by its internal research and development teams, KarmSolar today has the largest portfolio of solar energy projects, representing a capacity of more than 165 MW, making it a leading player in the Egyptian market.
www.karmsolar.com
Press contact
Maged Ali
+2 01023331586
maged.ali@publicistinc.com
About EDF Renewables
EDF Renewables is an international leader in renewable electricity with an installed capacity of nearly 12.5 GW gross worldwide. Its development is mainly focused on wind power and photovoltaic solar power. Mainly present in Europe and North America, EDF Renewables continues its development by taking a position in promising emerging markets such as: Brazil, China, India, South Africa and the Middle East. The Company, which is strongly positioned in the offshore wind sector, is also present in other renewable energy sectors such as energy storage. EDF Renewables ensures the development and construction of renewable energy projects as well as their operation and maintenance, for its own account and on behalf of third parties. EDF Renouvelables is the subsidiary of the EDF group dedicated to the development of solar and wind energy. For more information: www.france.edf-powersolutions.com Follow us on Linkedin and on Twitter @EDF_RE in French and @EDF_Renewables in English.
Press contacts:
Manon de Cassini-Hérail ▪ tel. : +33 (0)1 40 90 48 22 ▪ email: manon.decassini-herail@edf-en.com
Daniel Da Costa ▪ tel. : +33 (0)1 40 90 22 26 ▪ email: daniel.dacosta@edf-en.com