AMEA Power secures financing for 100 MW solar project in Tunisia

The AfDB board has approved $37 million in loans to support the construction of a 100 MW solar power plant in Kairouan, Tunisia.

The project, which is being managed by a consortium led by Dubai-based AMEA Power, is one of five winners of a tender launched by the Tunisian Ministry of Mines and Energy back in 2019. The consortium submitted a bid of TND 97.92 ($29.74)/MWh, which was one of the lowest global bids for solar at the time.

The approval covers $20 million in loans from the AfDB, as well as $17 million in concessional financing from the Sustainable Energy Fund for Africa, which is managed by the AfDB. The World Bank Group’s International Finance Corp. and its Clean Technology Fund will provide additional financing.

Société Kairouan Solar Plant S.A.R.L., a special purpose vehicle owned by AMEA Power, will manage the project. It will handle the design, construction, and operation of the plant on a build, own and operate basis.

Tunisia had approximately 472 MW of installed renewables capacity by March 2022, including 244 MW of wind, 166 MW of solar, and 62 MW of hydropower, representing 8% of the country’s total electricity production capacity.