French EDF Renewables reportedly to invest $25 million in KarmSolar
EDF to invest USD 25 million in KarmSolar this year: French energy company EDF Renewables is reportedly in advanced talks to invest as much as USD 25 million in KarmSolar before the end of the year, sources familiar with the matter told the press. An agreement is expected to be officially announced “in days,” the sources said.
The press was a little short on details: A previous version of the story claimed the agreement would see EDF acquiring a 45% stake, with KarmSolar’s current shareholders retaining 55% of the company’s equity. The move is part of the of the French government-owned company’s plans to expand its presence in Egypt.
KarmSolar has been looking to raise money for its solar projects. The company inked a EGP 230 mn loan agreement with Banque Misr last month to fund a number of 24 MW solar power plants. CEO Ahmed Zahran said at the time they’re in talks with five local and international banks for a EGP 1 bn loan to finance additional plants.
Advisors: El Kamel Law is acting as legal advisor to KarmSolar and Shahid Law Firm for EDF, sources close to the transaction said.