The contract for the solar plant was ratified by the Tunisian government in March last year, and is part of a renewable energy programme outlined by the government in 2018.
Under the deal, the International Finance Corporation (IFC) will provide Amea Power with up to $26m in debt financing, including $13m in concessional finance as part of the Clean Technology Fund.
The African Development Bank (ADB) will also provide debt financing of up to $26m, including $13m from the Sustainable Energy Fund for Africa.
The package will support the development, financing, construction, operation and maintenance of the project in the Kairouan governorate of Tunisia.
“The government is expressing its firm commitment to successfully bring to term the 120MW Kairouan PV solar project, which represents a significant step forward in the country’s energy transition,” said the Prime Minister of Tunisia, Ahmed Hachani.