Egypt’s KarmSolar secured a 10-year EGP 47 mn (USD 2.4 mn) loan for a financed solar power purchase agreement (PPA) battery storage system in Egypt from QNB Alahli, KarmSolar CEO Ahmed Zahran told Enterprise Climate. The PPA is part of phase two of KarmSolar’s solar microgrid for the Cairo 3A Poultry Farm in the Bahariya Oasis in Egypt’s Western Desert, the company said in a statement (pdf).

About the project: The second phase of the project expands the solar station’s capacity and adds a battery storage system supplied by PV power company Sungrow. The upgrade brings the project’s share of solar-generated power to 50% from 30%, the company reported.

Background: KarmSolar signed a USD 90 mn, 100 MW PPA agreement with Cairo 3A Poultry in 2019 to establish an on-site, off-grid solar station for the farm. Phase one saw the company supplying electricity to the farm through a hybrid microgrid of PV solar and diesel generators, covering 30% of the farm’s needs through renewables.

ADVISORS- Egypt-based debt advisory firm Ezdaher Financial Advisory consulted on the project.