EBRD to help KarmSolar raise financing for 10 MW solar power station

The European Bank for Reconstruction and Development (EBRD) will be helping KarmSolar raise financing for a 10 MW solar power station that it’s building for a “prominent client,” KarmSolar announced in a press release yesterday (pdf). The company signed a mandate letter with the EBRD for the funding that will also see the latter provide KarmSolar with “technical assistance for its governance and compliance efforts to make sure the company is ready for an eventual IPO.” KarmSolar — which has already signed a power purchase agreement for the station — is hoping to reach financial close in January 2019, Chairman Amr El Sawaf said. No further details were provided.