Climate Fund Managers (CFM) and UPC Renewables (UPC) will develop a 30MW Sidi Mansour wind farm in Tunisia.
The project will be one of the first wind independent power producers (IPP) in the country. Climate Fund Mangers is participating as co-developer, sponsor, financial advisor and E&S advisor to the project, through the development and construction financing facility under its management, Climate Investor One (CI1).
UPC will lead the development of the project with its local team that will lead land securitisation, permitting, grid connection, wind resource assessment and engineering and procurement contracts.
“We can start the construction of the Sidi Mansour wind farm in 2020, helping stimulate the Tunisian economy, create local jobs and a social plan for local communities while respecting international environmental protection guidelines,” said Brian Caffyn, chairman of the UPC Group.
The Sidi Mansour Wind Project is set to assist Tunisia in meeting its renewable energy goals. “As potentially the first Wind IPP in Tunisia, this project will be a testament to how CI1’s full lifecycle financing solution can unlock investment in renewable energy in new markets,” according to Sebastian Surie, regional head of Africa for CFM.
In January 2019, UPC was selected as one of the four awarded companies under the “Authorisation Scheme” tender for its 30MW Sidi Mansour project in Northern Tunisia and subsequently signed a PPA with Société Tunisienne d’Electricité et du Gaz. Over its lifespan, the Sidi Mansour Project is expected to lead to a reduction of 56,645 tonnes equivalent of carbon and create more than 100 jobs. The total investment size of the project is expected to be approximately US$40mn.