KaramSolar Granted EGP 83M from HSBC to Fund Farafra Solar Grid

KaramSolar Granted EGP 83M from HSBC to Fund Farafra Solar Grid

KaramSolar announced that it has got EGP 83 million from HSBC to fund its Farafra solar grid project. 

This project is the second for the company after establishing the Marsa Alam solar grid which covers 100% of customer needs. 

According to the company’s statement, the first phase of the project will include a photoelectric solar unit with a capacity of 3.4 megawatts and diesel generators with a capacity of 3.7 megavolts ampere in addition to solar batteries storage system with a capacity of 4 megawatts hour per 1 megawatt. 

Additionally, Mars Electricity Company which is affiliated with KaramSolar, announced that the project will meet 60% of consumers’ needs and it targets to cover 100% of the needs within three years noting that it will reduce 5,200 tons of carbon dioxide emissions.

The statement added that KaramSolar seeks to make the grid ready for full operation by 2023. 

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