The first solar battery storage power purchase agreement (PPA) for the nation has been signed by Qatar National Bank ALAHLI (QNB ALAHLI), according to an announcement made by the Egyptian solar energy firm KarmSolar on Sunday. The agreement is for 47 million ($2.4 million) in debt financing.
In a statement to the media, KarmSolar remarked that the money will be utilized to expand the existing solar microgrid system by Phase 2 for the farm of Cairo 3A Poultry in the Bahareya Oasis in Giza, Egypt.
The statement said KarmSolar advised Ezdaher Financial Advisory on the transaction.
In January, Zawya Projects reported that China’s Sungrow will provide a 2.576 MWp PV inverter and a 1MW/3.957 MWh energy storage system, KarmSolar, for a microgrid BESS (Battery Energy Storage System) for Cairo 3A Poultry.
Egypt’s first financed solar battery PPA project is a monumental step for the renewable energy sector in the region, and we are delighted to partner with QNB ALAHLI on this project,” said Ahmed Zahran, KarmSolar’s Co-Founder and CEO.
According to the statement, Phase 2 will boost the percentage of PV solar in the poultry farm’s operations to 50%.
A hybrid system of PV solar panels and diesel generators was used in the Phase 1 microgrid to provide 30% of the energy requirements of the poultry farm.
