DUBAI, 27th September, 2023 (WAM) — AMEA Power, one of the fastest-growing renewable energy companies based in the Middle East, announced today it has reached financial close on its 120MW solar PV project in Tunisia. When commissioned, the US$86 million project will be the company’s first operational asset in the country. Ahmed Hachani, Head of Government of Tunisia; Ahlem Beji Sayeb and Belhassen Chiboub, respectively Head of Cabinet and General Director of Electricity and Renewable Energies at the Ministry of Industry, Mines and Energy; Hicham Annen, CEO of the Tunisian Company of Electricity and Gas (STEG), Hussain Al Nowais, Chairman of AMEA Power, Nicolas Felix Souche, Regional Industry Manager, Infrastructure, North Africa and the Horn of Africa at the International Finance Corporation (IFC) and other dignitaries attended the ceremony, which took place at the government headquarters in Al Qasba. The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and
wholly owned by AMEA Power, and will be located in Metbassta, Kairouan governorate. The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB). The project was awarded to AMEA Power in December 2019, further to an international tender programme launched by the Ministry of Industry and SMEs in Tunisia. The Concession Agreement and the Power Purchase Agreement were signed in June 2021 and ratified by the government of Tunisia in May 2022. This is the first solar project to reach financial close under the concession regime in Tunisia. The concession regime covers projects over 10MW solar PV, awarded through competitive bidding. The solar project is being built under a Build-Own-Operate (BOO) model and will generate 222 GWh of clean energy per year, enough to power more than 43,000 households. The solar plant is expected to be commissioned by mid-2025 and will avoid 117,000 tonnes of CO2 over the course of its life. As part of AMEA Power’s “Community Investment
and Development Programme”, the company is working closely with the local community on planned initiatives aligned with the United Nations’ Sustainable Development Goals. The government of Tunisia aims to increase the share of renewable energy in its energy mix to 35% by 2030. This is a significant commitment in a country highly dependent on fossil fuel-based energy, mostly through imports. The Kairouan project directly supports the reduction of Tunisia’s energy dependence and improves the country’s trade deficit. “The Government is expressing its firm commitment to successfully develop the 120MW Kairouan PV Solar project, which represents a significant step forward in the country’s energy transition,” said Hachani. Following the ceremony, AMEA Power’s Chairman, Hussain Al Nowais, said that this project is a significant milestone for AMEA Power and Tunisia, as it represents the largest solar project fully developed in the country, despite all the challenges that the market has been experiencing since the COVI
D-19 pandemic. “This project represents a positive stride towards Tunisia’s green transition. South-South investments such as this one underscore the essential role that private sector partners can play in the energy transition. This project is in line with our strategy to enable South-South investments, including from Gulf Cooperation Council countries to emerging markets,” said Hela Cheikhrouhou, IFC’s Regional Vice President, Middle East, Central Asia, Turkiye, Afghanistan, and Pakistan. Sergio Pimenta, IFC’s Vice President for Africa, said that this ambitious, renewable energy project will not only bring more affordable, clean energy to the people of Tunisia, but it will help Tunisia achieve its energy goals and attract more private investments into future green projects. Dr. Kevin Kariuki, Vice President of Power, Energy, Climate, and Green Growth at the African Development Bank, stated, “This accomplishment is a testament to AfDB’s dedication to promoting sustainable energy solutions in Africa. Moreover
, 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.” AMEA Power is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition.
 
Source: Emirates News Agency