Qatar National Bank pays 47 million to purchase solar energy
Rehab
KarmSolar, in the field of solar energy in Egypt, obtained a loan of 47 million Egyptian pounds from Qatar National Bank (QNB), and with advice from "AIazdihar" Financial Consulting Company, for the first system funded for the purchase of solar energy in Egypt (PPA).
The step comes as part of the second phase of expanding the photovoltaic network of "Karm Solar" at the "Cairo 3A" poultry farm in Bahariya Oasis in Giza.
This expansion will help significantly increase the consumption of energy generated through solar energy, and thus increase the share of photovoltaic energy in the project to 50%.
It is worth noting that the average consumption of energy generated through solar energy in this field reaches 30%, which makes this project the latest in terms of innovation in renewable energy projects.
Ahmed Zahran, co-founder and CEO of KarmSolar, said: “The first power purchase agreement project financed by Egypt for solar batteries is a huge step for the renewable energy sector in the region, and we are pleased to partner with QNB in this project.”
