Afridigest Executive Brief: Power plays and public listings
Strategic Intelligence for Senior Executives | Week 44: Oct 26 - Nov 1, 2025
The Afridigest Executive Brief delivers essential intelligence to busy executives.
A summary of this week’s highlights:
• Over $20M in new funding to four African startups was disclosed this week.
• Three fintech IPOs to watch over the next eight months.
• Plus appearances in Riyadh by Moove’s Ladi Delano, Silverback Holdings’ Ibrahim Sagna, Amini’s Kate Kallot, & more.
Deal of the Week
KarmSolar, an Egyptian vertically-integrated solar utility company, secured ~$5.8M (€5M) in project financing debt from Eurobank (formerly Hellenic Bank).
Project details: The proceeds will be used to construct a 7.6-megawatt solar plant in southern Cyprus through the newly created KarmCyprus subsidiary.
Note: Eurobank will be repaid from the cash flow generated by the Cypriot solar plant. If it fails to generate enough cash, the bank’s recourse is limited to the plant’s assets and its contracts; KarmSolar’s main assets and balance sheet in Egypt are shielded from the project risk.
About KarmSolar: Founded in 2011, KarmSolar is Egypt’s pioneering solar energy utility company.
The company’s origins trace back to 2010 when CEO Ahmed Zahran set out to solve the energy problem of an off-grid farm in Egypt’s western desert.
The company initially developing a solar-powered water pumping solution, but has since evolved into a vertically integrated utility company that controls the entire value chain — from power generation to distribution to consumption.
Revenue model: KarmSolar is active in multiple verticals including water desalination and construction management, but its principal activity is operating hybrid solar power stations and selling electricity to clients.
Key metrics & successes:
The company was the first in Egypt to receive an Independent Power Producer license, allowing it to sell electricity from major off-grid solar stations.
KarmSolar operates integrated solar power plants in Marsa Alam, West Cairo, East Cairo, Minya, Farafra, and other locations across Egypt.
The company has a portfolio of over 40 MW of secured generation assets and over 195 MVA of contracted distribution capacity across multiple sectors.
Key personalities:
Ahmed Zahran, co-founder & CEO of KarmSolar
Yiannis Karis, CEO of KarmCyprus
In the Founder’s words: “During the past three years, we worked hard to take our vertically integrated power utility model to new places… KarmCyprus represents a pivotal step in our journey to become a regional energy player… [The subsidiary] will expand into power supply, central solar generation, and energy storage, alongside new business ventures such as electric vehicles.” — Ahmed Zahran
In the Executive’s words: “We are bringing to Cyprus a proven model of decentralized, privatization-led 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 EU’s sustainability goals.” — Yiannis Karis
Go Deeper:
Entrepreneurship as a form of resistance: A conversation with Ahmed Zahran of KarmSolar (Video - MIT Kuo Sharper Center - March 2025)
Building a new business model in Egypt: an interview with KarmSolar’s CEO (Energy & Utilities - Feb 2023)
V-Lab Fireside Chat ft. KarmSolar’s Ahmed Zahran (AUC Venture Lab - Video - Dec 2022)
Bottom line: As KarmSolar consolidates its position in Egypt (where it plans to invest $110M over the next three years) while simultaneously establishing a Mediterranean beachhead, the company becomes a credible regional leader rather than just a local champion. Its foray into Cyprus will provide a new case study on how well African companies can compete in developed European markets.
Intelligence at a glance
Africa’s untapped solar advantage
Africa has roughly 40% of the world’s solar power potential
But it accounts for just 1% of the world’s installed solar power capacity
This 40-to-1 gap represents a multi-decade opportunity that innovators and investors are addressing
Companies like KarmSolar are building the infrastructure to facilitate the region’s energy transition and realize its solar potential at scale
Deal digest
Announced this week: Over $24M in disclosed new funding to four African startups. Plus a strategic minority investment that could lead to a future acquisition. Here’s the full list: