KarmSolar expands into Cyprus: Cairo-based solar energy firm KarmSolar expanded its operations into Cyprus with a license to build and operate a 7.6 MW solar PV plant in Monagroulli, according to a press release (pdf). The move marks the company’s first international venture.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Strong backing: The company invested some EUR 2 mn to set up KarmCyprus, backed by some EUR 8 mn raised from Egyptian and international investors. The company also secured EUR 5 mn in financing from Eurobank for the PV planet, which is set to be operational by September 2026.

The plan: The long-term plan for KarmCyprus is to be one of the top renewable energy utility companies in Cyprus in both power generation and distribution, KarmSolar CEO Ahmed Zahran told EnterpriseAM. The company aims to make the most of the energy produced and distributed from renewable sources.

But why Cyprus? “We are looking for energy markets in the region where we can transfer our knowledge as a renewable energy based power utility,” Zahran told us. Cyprus and Egypt also have similar energy laws and are closely aligning their policies and investment plans as part of broader East Mediterranean energy strategies.

ALSO IN EXPANSION-

Local e-mobility company BluEV plans to invest USD 25 mn to expand its operations in Egypt and Morocco next year, Asharq Business reports. The company is also looking to enter the Italian market.

Sounds familiar? Earlier this year, BluEV announced plans to enter the Moroccan market before the end of this year with a USD 100 mn investment to roll out its electric motorcycle conversion platform.

Tags: