KarmSolar, EBRD sign mandate for financing 10MW solar station in Egypt

KarmSolar, EBRD sign mandate letter for financing 10MW solar station under Power Purchase Agreement for Egyptian private off taker.

KarmSolar and the European Bank for Reconstruction and Development (EBRD) signed a mandate letter today through which the EBRD will study the financing of a 10MWs solar station of KarmSolar’s Power Purchase Agreements with one of KarmSolar’s prominent clients. The signature of the mandate letter demonstrates the interest of the EBRD in further developing the private solar PPAs market in Egypt and is a reflection of the EBRD’s interest in supporting KarmSolar as a market leader in that sector. The letter of mandate also stipulates that the EBRD will be providing KarmSolar with technical assistance for its governance and compliance efforts to make sure the company is ready for an eventual IPO.

Amr El Sawaf, Chairman at KarmSolar said “this is an important milestone for KarmSolar; we have been working hard on building a bankable model that can attract financing from international debt markets and therefore a lot of work will follow the signature of the mandate letter to make sure we reach financial closure by January 2019. Working with the EBRD is not only valuable in terms of financing but also in terms of the support they will provide us in fine tuning our business model to make sure it is robust and scalable.”

(KarmSolar Press Release)