Karm Enters Cyprus with €5 Million Solar Project, Marking Its First International Expansion
Karm, Egypt’s pioneering renewable energy utility, announced its official expansion into Cyprus, marking the company’s first international venture and a strategic step toward becoming a regional energy player in the Mediterranean.
As part of this move, KarmCyprus — the newly established subsidiary — has secured a license to build and operate a 7.6 MW solar photovoltaic plant in Monagroulli, southern Cyprus. The project, slated for completion in September 2026, is backed by €5 million in project financing from Eurobank (formerly Hellenic Bank), finalized in September 2025.
A Strategic Expansion into the Mediterranean Energy Market
The project represents a significant milestone for Karm as it replicates its vertically integrated business model — encompassing generation, distribution, storage, and electric mobility — in a new regional market. The company has been studying the Cypriot energy landscape for over three years, preparing to enter as the country transitions toward market liberalization and renewable integration in line with EU sustainability directives.
“This is a pivotal step in Karm’s journey to become a regional energy player,” said Ahmed Zahran, CEO of Karm. “We invested €2 million to establish KarmCyprus and launch operations, supported by €8 million raised from Egyptian and international investors. We are working closely with local EPC and O&M partners to ensure operational excellence and compliance, while also exploring new ventures in power supply, land acquisition for solar generation and storage, and electric mobility.”
Transforming Cyprus’s Energy Landscape
Yiannis Karis, CEO of KarmCyprus, emphasized that the new entity aims to introduce a decentralized, private-sector-led energy model to the Cypriot market. “Consumers will gain access to competitively priced renewable electricity compared to traditional fossil fuel-based tariffs,” he said. “Our model enhances energy independence, reliability, and supports Cyprus in achieving its EU-mandated renewable energy target of 42.5% by 2030.”
A Regional Energy Partnership in the Making
Karm’s entry into Cyprus aligns with the growing energy collaboration between Egypt and Cyprus, including cross-border electricity interconnectors and gas projects, reflecting strong governmental and private-sector ties. With Cyprus’s high solar irradiance, rising energy costs, and push toward clean energy, the island nation represents an ideal gateway for Karm’s international growth.