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MARAKEZ, Egypt’s most prominent mixed-use developer, and KarmSolar, Egypt’s top solar company and multi-utility supplier, sign a 22 MW power distribution contract for D5M. This is the latest retail destination by the developer and is part of District Five, MARAKEZ’s flagship East Cairo development.
KarmSolar will make investments in D5M’s power infrastructure. It will also be responsible for operating and maintaining the development’s internal electricity grid. District Five tenants will be billed and paid for under the power distribution agreement.
“MARAKEZ is setting the benchmark for mixed-use developments in Egypt. We are looking forward to establishing a progressive partnership with KarmSolar as we target clean energy for our projects. We always aim to provide the highest standards for the communities we serve” said Eng. Basil Ramzy, CEO of MARAKEZ.
Additionally, the agreement includes the creation of a 1.7 MWp solar station on-site to power D5M with renewable energy. The goal is to increase its solar capacity to 100% of the project’s total renewable energy by 2027.
KarmSolar co-founder and CEO Ahmed Zahran said, “MARAKEZ is one of the most innovative and accomplished developers to partner with. D5M is a mega-development and an important milestone for the KarmSolar urban power distribution program, as it will be the pinnacle of our expansion in East Cairo.”
KarmSolar’s 22 MW Power Distribution Agreement with D5M brings KarmSolar’s total power distribution portfolio to around 40 MW. This includes real estate developments as well as geographical areas across Egypt. KarmSolar’s unique value proposition, which includes direct investments in each development’s energy infrastructure, has contributed to the growth of power distribution. This significantly lowers development costs for developers.
D5M will provide power distribution and on-site solar solutions. This includes App-enabled smart meters, electric vehicle charging stations and electricity-backed financing for tenant businesses. It is part of an industry-leading power distribution offering that offers developers more value and cost savings than any other power distribution provider.