KarmSolar, Egypt’s pioneering solar energy utility, has announced its official expansion into the Cypriot energy market through KarmCyprus, marking the company’s first international venture. As part of this expansion, KarmCyprus has secured a license to build and operate a 7.6 Megawatt solar PV plant in Monagroulli, located in southern Cyprus, with operations expected to commence by September 2026.
In September 2025, KarmCyprus finalized €5 million in project financing from EuroBank, formerly Hellenic Bank, to support the PV plant construction. This milestone marks Karm’s entry into the Mediterranean energy market, replicating its integrated model across power, storage, and mobility, while highlighting the project’s credibility in Cyprus.
Ahmed Zahran, CEO of Karm, described KarmCyprus as a pivotal step in the journey to become a regional energy player. The company invested €2 million to help establish KarmCyprus and launch operations, supported by an additional €8 million raised from Egyptian and international investors. The company is collaborating with both local Engineering, Procurement, and Construction providers as well as Operations and Maintenance providers to ensure on-ground efficiency and compliance. Simultaneously, it is expanding into power supply through strategic partnerships and land acquisitions for central solar generation plants and energy storage, alongside exploring new business ventures such as electric vehicles.
Yiannis Karis, CEO of KarmCyprus, emphasized bringing to Cyprus a proven model of decentralized energy innovation. Consumers can expect access to competitively priced renewable electricity compared to traditional fossil fuel-based tariffs. The model promises increased energy independence, supply reliability, and a pathway to meeting the European Union’s sustainability goals. For the industry, this marks a shift toward market liberalization and foreign private investment in Cyprus’s energy infrastructure.
Karm has been exploring the Cypriot energy market for the past three years. The expansion allows Karm to diversify its revenue streams into hard currencies while positioning itself as a private-sector leader in Mediterranean energy transformation. KarmSolar is an Egyptian renewable energy company founded in 2011, specializing in solar power generation, energy distribution, and off-grid solutions for businesses and communities.
Source: egyptoil-gas.com