UAE-based clean energy firm, AMEA Power, has secured funding from the International Finance Corporation (IFC) and African Development Bank (AfDB) to develop a 120 MW solar power plant in Tunisia.
The funding includes $26 million in debt financing from the IFC and another $26 million in debt financing from the AfDB to support the construction, operation and maintenance of the $86-million utility-scale solar facility in Tunisia’s Kairouan Governorate.
Upon completion in 2025, the project will represent Tunisia’s largest solar project and is expected to boost consumer access to clean energy, while reducing greenhouse gas emissions by over 100,000 tons per annum as well as the country’s reliance on expensive electricity imports.
Dr. Kevin Kariuki, Vice President of Power, Energy, Climate and Green Growth for the AfDB, stated: “We are delighted to reach this milestone, the signing of project agreements, making the first disbursement, and therefore commencement of construction of Tunisia’s first solar Independent Power Producer (IPP) project imminent,” adding that the facility will move Tunisia closer to its 35% clean energy target by 2030.
The project will put Tunisia closer on the path toward energy security, as well as attract further private investment to its renewable energy sector, according to the IFC. Furthermore, the facility will improve the competitiveness of Tunisia’s power sector, while contributing to the restoration of the country’s macro-fiscal stability.
