This will save 65 percent of the energy consumed by Juhayna's Enmaa farm from solar energy, and 35 percent from diesel generators.
The private power utility and solar energy company clarified in a press release that the new investment round is supported by US-based Synergy Consulting as the sell-side advisor.
Under the power distribution agreement KarmSolar will invest in D5M’s electricity infrastructure and will be responsible for the operation and maintenance of the development’s internal electricity grid, as well as billing and payment collection for District Five tenants.
"This investment will allow KarmSolar to implement its ambitious development plan in the country."
An Egyptian solar technology company will be selling electricity at cheaper prices through renewable solutions.
Azza Fahmy, Creative Director of the premier luxury Egyptian jewelry house Azza Fahmy Jewellery.