Egypt’s clean-energy transition gains fresh momentum as KarmSolar expands its footprint in the national solar market through new large-scale projects. Led by CEO Ahmed Zahran, the company plans to invest $110 million over the next three years to develop solar infrastructure across key regions, while launching its first international project in Cyprus. The focus targets agriculture, tourism, and industry to bolster energy security.
KarmSolar's $110 million investment plan highlights three flagship projects. The first is a 100 MW solar plant developed under Egypt's new Private-to-Private (P2P) framework, where the subsidiary Neptune will supply electricity to industrial clients via the national grid in the New Valley Governorate. This initiative marks a milestone in Egypt's electricity market liberalization.
The second expands the Farafra Solar Grid, increasing contracted supply capacity from 3.2 MVA to 8.37 MVA, with solar utilization rising from 30% to 60% through battery storage. Serving 64,000 acres of agricultural land, the grid aims for 100% solar dependency to reduce emissions and operating costs.
The third advances the Marsa Alam Solar Grid, the region's first private-licensed grid, with a 10 MW hybrid system connecting nine resorts. It replaces diesel generators, cutting energy costs by up to 60%. KarmWater also launched Marsa Alam's first solar-powered desalination plant, producing 300 m³/day at 25% lower cost.
“These projects demonstrate our integrated approach: we’re not just producing solar electricity, but building complete distribution networks that ensure long-term sustainability and efficiency,” says Zahran. The company targets regions with strong economic activity but energy challenges, remaining industry-agnostic, while aligning with Egypt's national goals for renewable integration.
The Cyprus project, led by KarmCyprus CEO Yiannis Karis, secures €5 million from Eurobank, €2 million from Karm, and €8 million from Egyptian and international investors. Karis views Cyprus as a gateway for Mediterranean and European expansion.