EDF Renewables to become shareholder in Egypt's KarmSolar

EDF Renewables, the green energy unit of French utility EDF SA (EPA:EDF), will acquire a stake in Egyptian solar firm KarmSolar by taking part in a reserved capital increase.

KarmSolar operates as an independent power producer (IPP) and provides electricity to large commercial, agricultural and industrial clients under power purchase agreements (PPAs). According to the statement, its assets include almost 170 MW solar parks in Egypt, in operation, under construction and advanced development.

EDF Renewables will make a capital investment to become a strategic shareholder in the solar company, with which it has also agreed a strategic partnership in the development of distributed solar in Egypt.

The move is in line with EDF Group’s goal to double its installed renewables capacity to 50 GW net between 2015 and 2030. “This partnership is fully in line with EDF Renewables strategy to offer relevant solutions helping Commercial & Industrial customers achieving their low carbon ambitions through the production and consumption of a competitive renewable energy,” said Frederic Belloy, executive vice president international operations for EDF Renewables.

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