AMEA Power Secures Financing for 120MW Solar PV Project in Tunisia

Renewable energy developer AMEA Power, headquartered in the UAE, has achieved a significant milestone by securing financial closure for its inaugural project in Tunisia—a substantial 120-megawatt (MW) solar photovoltaic (PV) endeavor. This marks AMEA Power's first foray into the Tunisian renewable energy landscape. The financing for this noteworthy project, totaling $86 million, has been generously provided by the International Finance Corporation (IFC), a member of the World Bank, and the African Development Bank (AfDB). The construction responsibilities for the project will be expertly managed by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power. See also: ACCIONA and SWICORP consortium win concession to build 75MW wind farm in Tunisia Hussain Al Nowais, Chairman of AMEA Power, expressed the significance of this achievement, stating, "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 honoring our commitment to supporting Tunisia’s transition to clean energy." This pioneering project is the first to be awarded under Tunisia's 'Concessions Regime' tender scheme, specifically designed for projects with an installed capacity exceeding 10MW. The site's development will follow the build-own-operate model. Tunisia has set an ambitious target of achieving 35% renewable energy in its electricity generation mix by 2030, marking a substantial departure from its historical reliance on fossil fuels. Ignacio Carreras, Project Development Manager at AMEA Power, identified Tunisia as a promising destination in the Middle East and North Africa (MENA) region for solar PV development, with a particular focus on green hydrogen generation. See also: DIF Capital Partners Invests £200m in London-Based Grid Battery Developer, Field AMEA Power has already made substantial solar PV investments in North Africa, notably in Egypt, where the company is planning a colossal 560MW project powered by modules from JA Solar. This project is a pivotal component of AMEA Power's grand vision for Egypt, for which it secured a significant $1.1 billion investment from the IFC in November of the previous year. The company has demonstrated its commitment to Africa's renewable energy sector, with plans to invest $5 billion to achieve 5GW of renewable energy capacity on the continent by 2030. Notably, other Middle Eastern-based enterprises have also expanded their investments into North Africa. Saudi state-owned company Masdar, for instance, established a joint venture in 2022, with ambitions to deploy gigawatt-scale renewable energy projects across Africa, Central Asia, and Eastern Europe, signaling a growing interest in the region's clean energy potential.