Climate Fund Managers and UPC 30 MW Windfarm in Tunisia.Published:
Trinity International is pleased to announce that it has advised on the 30MW Sidi Mansour windfarm project located in Northern Tunisia which is being developed and financed by UPC Renewables (UPC) and Climate Investor One (CI1), a financing facility managed by Climate Fund Managers (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 power purchase agreement with Société Tunisienne d’Electricité et du Gaz. The Project will be one of the first wind independent power producers in the country. Over its lifespan the Sidi Mansour Project is expected to lead to a reduction of 56,645 ton equivalent of carbon and create more than 100 jobs.
The total investment size of the Project is expected to be approximately US$ 40 million.
CFM is a leading blended finance fund manager with sustainability focus across global emerging markets and is participating in the Project as co-developer, sponsor, financial advisor and E&S advisor, through the development and construction financing facility, CI1. UPC will lead the development of the Project with its local team that will lead land securitization, permitting, grid connection, wind resource assessment, and engineering and procurement contracts.
The Trinity team comprised Senior Partner Paul Biggs, Partner Conrad Marais and Senior Associate Adekanmi Lawson from Trinity’s London office and by Partner Pierre Bernheim from Paris.
About Climate Fund Managers
CFM has a long-term vision to structure cutting edge financing facilities around thematic areas of climate change mitigation and adaptation, including renewable energy, water and oceans, sustainable land use and sustainable cities. CFM is established as a joint venture between the Dutch development bank FMO and Sanlam InfraWorks – part of the Sanlam Group of South Africa.
Climate Investor One (CI1) is the inaugural facility managed by CFM, focused on providing capital to renewable energy projects in developing countries. CI1 has a focus on Africa, South & Southeast Asia, and Latin America, and uses a whole-of-life financing approach intended to reduce implementation timelines. The facility also enjoys support from the EU through its External Investment Plan, a part of its wider commitment to sustainable development and climate change mitigation, as well as cornerstone support from the Ministry of Foreign Affairs of the Netherlands, the Nordic Development Fund (NDF) and USAID’s Power Africa programme.