EDF Renewables and Egypt-based developer KarmSolar have entered into a strategic partnership targeting commercial solar opportunities in the North African country.
As part of the partnership EDF Renewables will inject capital to take a strategic equity stake in KarmSolar, through a reserved capital increase.
The investment will allow KarmSolar to expand its portfolio of solar plants providing power to commercial, agricultural and industrial clients through power purchase agreements or distribution contracts.
The investment contributes to EDF Group’s goal under the CAP 2030 strategy of doubling its renewable energy capacity worldwide to 50GW net between 2015 and 2030.
KarmSolar has 170MW portfolio of PV plant projects in operations, under construction and advanced development, which will enable the Egyptian government to reach the target of generating 42% of its electricity from renewable sources by 2035.
EDF Renewables executive vice president international operations Frederic Belloy said: “We are delighted to establish this partnership to support Karm Solar in the delivery of its innovative business model.
“This partnership is fully in line with EDF Renewables strategy to offer relevant solutions helping commercial and industrial customers achieving their low carbon ambitions through the production and consumption of a competitive renewable energy.
“This investment is also in compliance with EDF international strategy, North Africa representing a great potential for development. Following the commissioning of our 130MW solar power plants in Benban recently, it further strengthens our long-term development strategy in Egypt.”