Egypt's Karm Expands Internationally With $5.8M Cyprus Solar Project
TLDR
- Egypt-based renewable energy utility Karm (KarmSolar) has announced its first international expansion with the launch of KarmCyprus
- The company secured €5 million in project financing from Eurobank to build a 7.6 MW solar photovoltaic plant in Monagroulli, southern Cyprus
- The expansion mirrors Karm’s vertically integrated model across power generation, distribution, storage, and e-mobility
Egypt-based renewable energy utility Karm (KarmSolar) has announced its first international expansion with the launch of KarmCyprus, entering the Cypriot renewable energy market. The company secured €5 million in project financing from Eurobank to build a 7.6 MW solar photovoltaic plant in Monagroulli, southern Cyprus, which is expected to begin operations by September 2026.
Founded in 2011 by Ahmed Zahran, Xavier Auclair, Yumna Madi, and Randa Fahmy, Karm invested €2 million to establish its Cypriot subsidiary, supported by an additional €8 million from Egyptian and international investors. The expansion mirrors Karm’s vertically integrated model across power generation, distribution, storage, and e-mobility.
The move positions Karm as one of the first Egyptian private renewable energy companies to enter the EU market, diversifying its revenue base and reinforcing private-sector collaboration between Egypt and Cyprus in the Mediterranean energy transition.
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Key Takeaways
Karm’s entry into Cyprus marks a significant milestone in Egypt’s private renewable energy sector and reflects the broader integration of Mediterranean energy markets. Cyprus, with one of Europe’s highest solar irradiance levels and an EU-mandated renewable target of 42.5% by 2030, offers strong conditions for solar developers. By replicating its integrated energy model, Karm is betting on decentralised, privately financed power generation as the island moves toward market liberalisation and reduced dependence on fossil fuels. The €5 million Eurobank financing underlines the project’s bankability within the EU regulatory framework, while Karm’s €10 million total investment signals long-term commitment. Beyond Cyprus, the expansion strengthens Egypt-Cyprus energy cooperation amid growing cross-border projects such as electricity interconnectors and green-energy corridors. Karm’s move could set a precedent for African renewable players seeking access to European markets through nearby Mediterranean economies.
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