UAE-based renewable energy company AMEA Power is set to develop a solar photovoltaic project in Tunisia.
The $86 million project, awarded to AMEA Power in December 2019, will be located in Metbassta, Kairouan governorate.
AMEA Power confirmed it has reached financial close on the 120-megawatt solar project, making it the company’s first operational asset in Tunisia.
The project represents the first large-scale, privately financed solar project in Tunisia and one of the largest infrastructure public-private partnership projects in the country in over a decade.
The International Finance Corporation (IFC) will provide up to $26 million in debt financing to support the project, including $13 million in concessional finance as the implementing entity of the Clean Technology Fund. African Development Bank (AFDB) is also providing debt financing of up to $26 million, including $13 million from the Sustainable Energy Fund for Africa (SEFA).
The project contributes to Tunisia’s efforts to diversify its energy mix and reduce its dependence on fossil fuels. It will also help create jobs and stimulate local economic development.
This investment reflects a growing interest in renewable energy projects in North Africa and the Middle East, as countries in the region seek to transition to more sustainable and environmentally friendly energy sources.
