EDF acquires undisclosed stake in Egyptian renewables company KarmSolar

M&A WATCH- EDF acquires undisclosed stake in Egypt’s KarmSolar: French energy company EDF Renewables has acquired a “strategic stake” in Egyptian renewable energy player KarmSolar through a capital increase, according to an emailed statement (pdf). The size and value of the stake were not disclosed.

Background: Previous local press reports had suggested that EDF was in advanced talks to invest as much as USD 25 mn in KarmSolar. An earlier version of the story had indicated that EDF would acquire a 45% stake in the Egyptian renewables company, with KarmSolar’s current shareholders retaining 55% of the company’s equity.