KarmSolar, one of Egypt’s most innovative private renewable energy developers, has announced the launch of KarmCyprus, marking its first major step beyond Egypt’s borders. The move signifies a bold leap for the company and for Africa’s growing renewable energy ecosystem, as it seeks to replicate its vertically integrated power utility model in new markets across the continent and beyond.
The announcement, made by Ahmed Zahran, CEO and Co-founder of KarmSolar, revealed that the company has broken ground on a 7.5MW solar power plant in Cyprus, supported by project debt financing from Eurobank. The project represents not only KarmSolar’s debut in the East Mediterranean market but also a model of how African-born innovation in renewable energy can scale regionally and globally.
“We worked hard over the past three years to take our vertically integrated power utility model to new places. Just like in Egypt, it remains renewable energy-based and sustainably profitable,” Zahran said.
From Egypt to the World: Africa’s Renewable Energy Trailblazer
Founded in 2011, KarmSolar emerged as one of Egypt’s pioneering private off-grid solar energy providers, developing integrated renewable energy solutions for businesses, farms, and communities. Over the years, it has built a portfolio spanning solar generation, energy distribution, and smart infrastructure.
Its new Cypriot venture symbolizes the growing maturity of Africa’s clean energy sector — where companies are no longer just recipients of international investment but are becoming exporters of sustainable business models.
Zahran’s emphasis on maintaining a “renewable energy-based and sustainably profitable” model highlights a broader African trend — the move toward localized, financially viable energy ecosystems. These models focus on community impact while addressing grid challenges, energy access, and sustainability goals.
Africa, with its abundant solar resources and rising energy demand, remains fertile ground for such innovation. According to the International Renewable Energy Agency (IRENA), Africa’s renewable energy capacity has grown by more than 26% in the last five years, with solar energy leading the expansion. However, challenges in financing, grid infrastructure, and regulation still limit large-scale implementation.
KarmSolar’s success story — from Egypt’s deserts to the Mediterranean coast — demonstrates how homegrown African companies can overcome these barriers by developing vertically integrated business models that combine energy production, distribution, and financing under one roof.
Cyprus Project: A Launchpad for Regional Expansion
The 7.5MW KarmCyprus solar project, currently under construction, will become one of the island’s most significant privately developed renewable installations. With financing secured from Eurobank, the project underscores investor confidence in KarmSolar’s technical and financial capabilities.
“This project represents our debut on the island. Our aim is to be one of the leading renewable energy-based power utility companies in Cyprus and hopefully the region,” Zahran noted.
Cyprus, with its high solar irradiation and strategic geographic position, provides a gateway between Africa, Europe, and the Middle East — aligning perfectly with KarmSolar’s ambition to expand across Africa and the East Mediterranean.
KarmSolar’s expansion signals a reverse flow of innovation — where African renewable energy expertise is now influencing global markets. It also sets a precedent for African energy firms seeking to enter international markets with sustainable, scalable solutions.
What It Means for Africa’s Renewable Future
KarmSolar’s regional growth vision could have significant implications for Africa’s energy transition. By leveraging its Egyptian experience — where it has successfully powered agriculture, commercial, and industrial operations using solar energy — the company can play a catalytic role in expanding distributed renewable generation models across Sub-Saharan Africa.
With many African countries facing unreliable national grids and rising energy costs, models like KarmSolar’s present a blueprint for self-sustaining energy independence. Decentralized solar solutions can power rural communities, mines, and manufacturing hubs, reducing dependency on fossil fuels and mitigating climate impacts.
Industry experts suggest that KarmSolar’s expansion could inspire more African firms to venture beyond domestic markets. “This development shows that African clean energy companies are ready to compete globally, not just as local providers but as innovators and exporters of sustainable technology,” said a regional energy analyst based in Nairobi.
Moreover, KarmSolar’s alignment with global financing institutions such as Eurobank reflects a growing appetite for green financing in Africa-linked projects, particularly those demonstrating commercial viability.
A Vision of Sustainable Profitability and Shared Growth
KarmSolar’s expansion underscores the possibility of merging profitability with sustainability — a concept often viewed as mutually exclusive in the African context. By proving that renewable energy can be both environmentally responsible and financially sustainable, KarmSolar is reshaping how investors and policymakers view the continent’s energy landscape.
“The challenge of going to a new jurisdiction was worth the while,” Zahran shared, adding that the intellectual and operational journey of expanding into Cyprus has strengthened the company’s long-term growth vision.
As KarmSolar consolidates its position in Egypt and Cyprus, the next frontier lies in scaling its model across Sub-Saharan Africa, where energy deficits remain acute. Its journey offers a template for African innovators — to think regionally, act sustainably, and export homegrown solutions that redefine the continent’s place in the global renewable economy.
The launch of KarmCyprus is more than a company milestone — it’s a statement about Africa’s renewable energy potential. KarmSolar’s journey from Cairo to Cyprus encapsulates the spirit of African ingenuity and the continent’s growing influence in shaping the future of clean energy.
As the company continues to “look more at Africa and the region,” its next chapter could see African-led energy solutions powering industries, communities, and economies far beyond the continent’s borders.
