• Banque Misr adds $1.34 million financing to Cairo 3A energy project
• Hybrid solar, battery, diesel system powers poultry production facilities
• Project expansion raises capacity to 5.5 MVA by 2026

Banque Misr announced in early March that it had extended an additional 70 million Egyptian pounds (approximately $1.34 million) in financing to Venus, a subsidiary of Karm Holding, to support the expansion of the Cairo 3A energy project. According to the bank’s official press release, the facility is structured in accordance with Islamic finance principles and brings Banque Misr’s total financing for the initiative to 154 million Egyptian pounds (around $2.94 million).

The off-grid energy installation, developed to power poultry production facilities, relies on a hybrid system combining solar photovoltaic generation, battery storage and diesel generators. The system is designed to provide a stable and uninterrupted power supply for industrial operations that require continuous electricity availability.

The project’s first phase, launched in 2020, established a contracted capacity of 3 megavolt-amperes (MVA) supported by 2.5 megawatt-peak (MWp) of solar generation. The second phase, scheduled for completion in 2026, is expected to increase total capacity to 5.5 MVA and 4.5 MWp.

In its communication, Karm Holding indicated that the additional financing represented a significant step in the company’s expansion strategy and highlighted the strength of its partnership with Egyptian financial institutions.

Part of Egypt’s energy transition

The new credit facility comes as Egypt accelerates renewable energy development as part of its broader energy transition strategy. The country is expanding large solar and wind projects aimed at strengthening electricity supply while meeting growing demand from industrial users.

In March 2025, Norwegian developer Scatec signed an agreement with Egypt Aluminium to supply solar power to its industrial complex in Nagaa Hammadi through a 1.1-gigawatt solar project. A year later, the Egyptian Cabinet approved four renewable energy projects proposed by Kemet Industries Group, including two solar power plants with capacities of 320 MW and 400 MW in the Bahariya Oasis.

Against this backdrop, the initiative backed by Banque Misr reflects growing momentum in Egypt for off-grid solar solutions financed by domestic banks. The project is expected to help secure electricity supply for industrial facilities located outside the reach of the national grid.

Abdoullah Diop