Egypt’s Karm Solar Company is about to finalize the financial closure for a EGP 17m solar power plant with a production capacity of 2 MW, located in Sahl Hasheesh approximately 18km south of Hurghada, reported Al Borsa News.

Karm Solar’s CEO, Ahmed Zahran, announced that the company entered an power purchasing agreement with Canal Company for Electricity Distribution (CCED) under the government’s Feed-in-Tariff program. Furthermore, the company has agreed with several banks on covering the project’s funding needs.

Sahl Hasheeh Company has allocated a plot of land to the project, yet Karam Solar still needs to obtain necessary licenses from the Egyptian Electric Utility & Consumer Protection Regulatory Agency in order to start development activities.

In related news, Karm Solar will start operations in its first solar power plant by late September, producing 1 MW of energy to be sold to an Egyptian beverage and yogurt company, Juhayna.