February 4, 2023

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35 million euro loan for setting up solar power plant

Board of Directors of African Development Bank (AfDB) has approved a loan envelope of approximately €35.5 million to co-finance the construction of a 100 MW solar power plant in Kairouan, central Tunisia.

The approval comes from US$10 million and EUR 10 million and US$17 million in concessional financing from the Bank, a special multi-donor fund provided by the Sustainable Energy Fund for Africa (SEFA), which has bank management, AfDB noted. In a press release.

He mentioned that additional funds will be provided through International Finance Corporation (IFC), a subsidiary of the World Bank Group and the Clean Technology Fund (FTC).

The project includes the design, construction and operation of a 100 MW photovoltaic solar power plant under the “BOO” type scheme, illustrating the same resource. El Metpasta, in the northern part of Kairouan, 150 km south of Tunis. This is one of the five green schemes launched by the government in 2019.

The pioneering nature of the Kairouan solar project

AfDB Vice President for Electricity, Energy, Climate and Green Development, Kevin Kariuki, quoted in the press release, said, “The 100 MW solar photovoltaic project in Cairo will not only be a precursor to other solar and wind energy projects. The network, which is being developed in Tunisia today, but also to the viability of renewable energy projects in the country. Noteworthy as it is backed by strong and durable contracts, negotiated under extremely tough market conditions over the past three years.

After months of negotiations with the Tunisian authorities, to highlight the success of the transaction that meets the highest standards of financial reliability, creating a useful model for future projects, which will “help the country move closer to 35% clean energy. The goal set by the government”.

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The Kairouan Solar Project is consistent with Tunisia’s goal of reducing carbon emissions by focusing on Nationally Determined Contributions and the transition to renewable energy sources. This is in response to a “New Deal” on energy for South Africa. African Development Bank and one of its strategic priorities, the “High-5s”, “Lighting and Powering Africa”.