Mubasher: AMEA Power, a renewable energy company based in the Middle East, has reached financial close on its 120-megawatt (MW) solar photovoltaic (PV) project which is worth $86 million in Tunisia.

The plant is considered the largest solar project fully developed in Tunisia until the present time. Meanwhile, it is funded by the International Finance Corporation (IFC) and the African Development Bank (AfDB), according to a press release.

The green facility is expected to commence operating by mid-2025 and will produce 222-gigawatt-hour (GWh) of clean energy on an annual basis, which will be enough to supply more than 43,000 households and reduce 117,000 tonnes of CO2 emissions over its lifetime.

Furthermore, the plant is being built under a build-own-operate (BOO) model and will be operated by Kairouan Solar Plant, a project company registered in Tunisia and fully owned by AMEA Power.

It is worth noting that the project was awarded to AMEA Power in December 2019 after an international tender programme launched by the Tunisian Ministry of Industry and SMEs. Meanwhile, the concession agreement and the power purchase agreement were signed in June 2021 and ratified by the government in May 2022.

Tunisia aims to raise the share of renewable energy in its energy mix to 35% by 2030 and this solar development will help reduce the country’s energy dependence and improve its trade deficit.

Chairman of AMEA Power, Hussain Al Nowais, said: “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.”

IFC's Vice President for Africa, Sérgio Pimenta, said: “Through the project, we’re proud to build on our partnership with AMEA Power to expand their operations across North Africa, helping address the effects of climate change in the region."