Egyptian solar company KarmSolar announced on Monday the launch of a new solar power plant in the southern city of Aswan. The plant, which has a capacity of 1.8 MW, will provide clean energy to power local businesses and homes, and is part of Egypt’s push towards renewable energy.
The project was completed with the support of the European Bank for Reconstruction and Development (EBRD), which provided financing and technical assistance. The EBRD’s Director for Egypt, Philip ter Woort, said in a statement, “This is a great example of how we are working with the private sector to help Egypt transition to a low-carbon economy and increase the share of renewable energy in the country’s energy mix.”
Egypt has set an ambitious target of generating 20% of its electricity from renewable sources by 2022, up from just 3% in 2015. The country has been investing heavily in solar and wind power projects, and has attracted significant international investment in the sector.
KarmSolar, which was founded in 2011, has been a key player in Egypt’s renewable energy sector, developing solar power projects for both commercial and residential customers. The company’s CEO, Ahmed Zahran, said in a statement, “Our mission is to provide clean, reliable and affordable energy to all Egyptians, and we are proud to be contributing to the country’s transition to a more sustainable future.”
Looking ahead, Egypt is expected to continue its push towards renewable energy, with a number of large-scale solar and wind power projects in the pipeline. The country’s renewable energy sector is seen as a key driver of economic growth, as well as a way to reduce dependence on fossil fuels and combat climate change.
