At a Glance
- Karm targets $610 million to scale solar generation and electricity transmission infrastructure by 2030.
- Installed solar capacity to rise from 68 MW to more than 200 MW by 2028.
- Expansion spans Egypt’s New Valley, Red Sea region, and a new solar project in Cyprus.
Egypt’s renewable energy sector is set for fresh investment as Karm Holding, an Egyptian renewable energy company focused on solar power and electricity distribution, plans to deploy $610 million into solar power generation and electricity transmission projects by 2030, positioning the company for a planned initial public offering in 2031.
Investment breakdown
The investment will be directed toward expanding solar capacity, reinforcing transmission and distribution infrastructure, and supporting Egypt’s national strategy to increase clean energy adoption and improve electricity access in underserved regions.
Capacity growth timeline
Ahmed Zahran, co-founder and chief executive officer of Karm Holding, said the expansion will focus on high-impact regions, including Egypt’s New Valley and the Red Sea coast. Investments in the New Valley are expected to rise from $110 million to $565 million by 2030, reflecting the scale of ongoing projects in the southwestern desert.
Geographic expansion
In the Red Sea region, Karm plans to develop a 40-megawatt solar power plant north of Marsa Alam, covering about 500,000 square meters with an estimated investment of $45 million.
Karm Holding’s current portfolio generated 43 megawatts of solar power by the end of 2025. An additional 25 megawatts is scheduled for commissioning next year, lifting installed capacity to 68 megawatts.
By 2028, the company expects capacity to reach 200 to 210 megawatts, supported by transmission and distribution networks capable of handling up to 190 MVA across Marsa Alam and the New Valley.
Beyond Egypt, Karm is also developing a 7.5-megawatt solar plant in Cyprus, backed by an investment of €8.5 million, signaling its intention to expand into regional energy markets.
IPO strategy
Zahran said the strategy integrates power generation with transmission and distribution infrastructure, allowing the company to capture growth opportunities while aligning with Egypt’s energy transition goals.
With a 2031 IPO in view, Karm Holding is emerging as a key private-sector player in Egypt’s renewable energy landscape, as rising demand, policy support, and infrastructure gaps continue to drive investment into solar power across Africa.
