Egypt’s KarmSolar secures funding for new microgrid: Egypt’s cleantech firm and electricity distributor KarmSolar has secured a EGP 83 mn (USD 3 mn) loan from HSBC for the first phase of its new Farafra solar grid in the Western Desert, according to a statement (pdf). Egypt-based debt advisory firm Ezdaher Financial Advisory consulted on the project, the statement noted.

What do we know about the Farafra solar grid project? The project will generate solar energy, store it using a battery storage system, and supplement it with diesel power where needed — all in a centralized location, operating under a usufruct agreement — and then distribute the electricity to a variety of offtakers, the statement notes. It is expected to be fully operational by 3Q 2023.