Karm Expands Into Cyprus With €5M Solar Project & New Firm KarmCyprus

Egyptian solar energy firm Karm has officially expanded into the Cypriot renewable energy market with the establishment of KarmCyprus, the company’s first international venture. The new subsidiary has secured €5 million in project financing from Eurobank (formerly Hellenic Bank) to build a 7.6 MW solar PV plant in Monagroulli, southern Cyprus, expected to begin operations by September 2026. “We are bringing to Cyprus a proven model of decentralised, privatization-led energy innovation. Consumers can expect access to competitively priced renewable electricity, compared to traditional fossil fuel-based tariffs," Yiannis Karis, CEO of KarmCyprus, said. "The model promises increased energy independence, supply reliability, and a pathway to meeting the EU’s sustainability goals. For the industry, this marks a shift toward market liberalisation and foreign private investment in Cyprus’s energy infrastructure.” The move marks Karm’s first step beyond Egypt and into Europe’s Mediterranean energy market. The company invested €2 million to establish KarmCyprus, supported by an additional €8 million raised from Egyptian and international investors. “KarmCyprus represents a pivotal step in our journey to become a regional energy player,” said Ahmed Zahran, CEO of Karm. “The company is collaborating with both local EPC and O&M providers to ensure on-ground efficiency and compliance, while also expanding into power supply through strategic partnerships as well as land acquisitions for central solar generation plants and energy storage, alongside exploring new business ventures such as electric vehicles." With some of the highest solar irradiance levels in Europe and growing demand for renewables, Cyprus offers strong potential for developers like Karm. The company’s expansion also aligns with increasing Egypt–Cyprus energy cooperation, including planned interconnectors and shared sustainability goals — positioning Karm as a key player in the region’s clean energy transformation.