KarmSolar to build $23 million solar stations for Egyptâ€™s Dakahlia Group in 2018
KarmSolar, one of the fastest growing solar technology companies in Egypt, has signed a deal with Dakahlia Group subsidiaries Dakahlia South Valley Poultry and Dakahlia Wadi El Natroun Agriculture, to provide 75 per cent of their energy needs over 30 years.
span style="font-size: small;">Energy will be made available through two stations in Menia and Wadi Natroun that will be built with an investment of $23 million and will generate 23.5 megawatts of electricity, making this the largest ever private power purchase agreement (PPA) signed in Egypt.
“This is a critical milestone in the brief history of KarmSolar. KarmPower, our subsidiary, is going to become through this deal the largest private sector solar energy provider in the country. Not only that, but it will provide the power at a lower cost than the government,” said Ahmed Zahran, CEO and co-founder, KarmSolar.
span style="font-size: small;">The land area of the two stations in Menya and Wadi Natroun will add up to approximately 360,000 square metres. The Menya site is a breeder farms complex with 100 half-acre poultry sheds, housing 1.1 million breeder chickens, producing 140 million one-day-old chicks.
“As one of the largest agrofood producers and exporters in Egypt, our energy needs, and by default, energy costs, have critical business impact. We export to over 40 countries around the world, citrus and more,“ said Khaled Al Anani, CEO of Dakahlia Agricultural Development Co.and Vice chairman of Dakhalia Group.
This project will be implemented by KarmPower, the subsidiary of KarmSolar responsible for the Engineering, Procurement and Construction (EPC) of solar projects including turnkey and power purchase agreement solutions. Its portfolio includes Juhayna, Fridal, EFG Hermes, Taziry Eco Lodge (Siwa) and Oasis and Red Sea Diver’s Lodge (Marsa Allam).