United Arab Emirates-based renewable energy developer AMEA Power has achieved financial close on its 120MW solar plant to be built in Tunisia.
With an investment of $86m (Dh315.84m), the solar project will be AMEA Power’s first asset in the country. To be located in Metbassta in the Kairouan governorate, the solar project is being supported by the International Finance Corporation and the African Development Bank.
AMEA Power won the project in December 2019 in an international tender programme launched by the Tunisian Ministry of Industry and SMEs.
In June 2021, the concession agreement and power purchase agreement were signed and ratified by the government.
Tunisia has a concessions regime in place covering solar projects greater than 10MW and awarded through a competitive bidding process.
As one of the first solar projects to have reached financial close, the new facility will be built under a build-own-operate model.
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It is expected to be commissioned by mid-2025 and will produce 222 gigawatt-hours of clean energy annually, enough to meet the needs of 43,000 homes, while avoiding 117,000 tonnes of carbon emissions during its lifetime.
AMEA Power chairman Hussain Al Nowais stated: “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.”
Tunisia has an ambition to increase the share of renewable energy in its energy mix to 35% by 2030.