The African Development Bank has approved a $27m and €10m loan package to co-finance a AMEA Power’s 100MW solar farm in Kairouan, Tunisia.
The project entails the design, construction, and operation of a greenfield solar photovoltaic plant under a build, own and operate (BOO) scheme.
The project is located in El Metbassta, Kairouan North region, about 150 km south of the Tunisian capital, Tunis. It is one of five renewable projects awarded in 2019 by the government.
The AfDB board approval covers $10, and another €10m from the bank, and $17m concessional financing from the Sustainable Energy Fund for Africa (SEFA), a special multi-donor fund managed by the bank.
Additional financing will come from the International Finance Corporation (IFC) of the World Bank Group and the Clean Technology Fund (CTF).
Dr. Kevin Kariuki, Vice-president of Power, Energy, Climate and Green Growth at the African Development Bank, said: “The 100MW Kairouan Solar PV Project will not only be a pioneer for other grid-based solar and wind independent power projects currently under development in Tunisia but also a benchmark for bankability of renewable energy projects in the country as it is underpinned by robust and sustainable agreements negotiated over the last three years under extremely onerous market conditions.”