Tunisian solar power plant reaches financial close

This is the first solar project to reach financial close under the concession regime in Tunisia. (Image source: AMEA Power)

AMEA Power, a growing renewable energy company, has reached financial close on a 120MW solar power plant in Tunisia which will become its first operational asset in the country when commissioned

The US$86mn project is being implemented by Kairouan Solar Plant, a project company fully owned by AMEA Power, and will be located in Metbassta, Kairouan governorate. It is being financed by IFC and the African Development Bank (AfDB) and will be built under a Build-Own-Operate (BOO) model. 

When commissioned in mid-2025 (current expectation) it will generate 222GWh of clean energy per year and will avoid 117,000 tonnes of CO2 over the course of its life. 

AMEA Power’s chairman, Hussain Al Nowais, remarked, “We are delighted to reach financial close on this 120MW solar power plant in Tunisia, our first project in the country. This is a significant milestone for AMEA Power and for Tunisia, as it represents the largest solar project fully developed in the country to date. Despite all the challenges that the market has been experiencing since the Covid pandemic, we are proud that we are delivering this project and honouring our commitment to supporting Tunisia’s transition to clean energy. We are grateful for the strong support of our lenders and the Tunisian government in making this project a reality.”

Kevin Kariuki, vice president of power, energy, climate, and green growth at AfDB, commented, “The successful collaboration between the Government of Tunisia, AMEA Power, the African Development Bank, SEFA, and the IFC speaks volumes about our collective commitment to helping Tunisia reach its 35% clean energy target by 2030.”