Banque Misr has announced additional financing to support the expansion of an off-grid renewable energy project in Egypt that supplies power to poultry production facilities. In early March, the bank confirmed it had provided an extra EGP 70 million (around $1.34 million) in funding to Venus, a subsidiary of Karm Holding, for the Cairo 3A energy project. The financing follows Islamic banking principles and increases Banque Misr’s total contribution to the project to EGP 154 million (approximately $2.94 million).
The Cairo 3A project operates as an off-grid hybrid power system that combines solar photovoltaic generation, battery storage, and diesel generators. This integrated setup is designed to deliver stable and uninterrupted electricity for poultry production facilities, where reliable power is essential for continuous industrial operations.
The project’s first phase was launched in 2020 with a contracted capacity of 3 megavolt-amperes (MVA) supported by 2.5 megawatt-peak (MWp) of solar generation. The second phase, which is expected to be completed by 2026, will expand the system’s total capacity to 5.5 MVA and increase solar generation to 4.5 MWp, significantly strengthening the project’s overall energy output.
According to Karm Holding, the additional financing marks an important step in the company’s expansion strategy and reflects the strength of its partnership with Egyptian financial institutions. The funding will help accelerate the development of reliable energy infrastructure for industrial facilities located outside the reach of the national electricity grid.
The project also aligns with Egypt’s broader push to expand renewable energy as part of its energy transition strategy. In March 2025, Norwegian renewable energy company Scatec signed an agreement with Egypt Aluminium to supply solar power to the company’s industrial complex in Nagaa Hammadi through a 1.1-gigawatt solar project. A year later, the Egyptian Cabinet approved four renewable energy initiatives proposed by Kemet Industries Group, including two solar plants with capacities of 320 MW and 400 MW in the Bahariya Oasis.
As Egypt continues to scale up renewable energy development, initiatives like the Cairo 3A project highlight the increasing role of off-grid solar solutions financed by domestic banks. These systems are becoming an important option for ensuring consistent electricity supply for industrial operations in areas beyond the national grid.