Qair - El Khobna

pending

The proposed investment seeks to support a 237MWc solar photovoltaic (“PV”) project in Tunisia (the “Project”) which was awarded by the Government of Tunisia in 2024 following a competitive tender to a consortium, coordinated and led on an operational day-to-day basis by Qair (“Qair” or the “Company”). Qair is an independent European renewable energy company with a global presence. The Project Company, a special purpose vehicle, Centrale Solaire Khobna SARL (“CSK”) is currently under the process of being registered locally.The project will consist of (i) a utility grade grid-connected PV array power system; and (ii) a 45 km new 225 kV Overhead Transmission Line (OHTL).  The power system will consist of approximately 300,000 bifacial Mono PERC modules. Preliminary design indicates that the plant will include inverters stations, converting direct current from the panels to alternating current, and transformers, converting to appropriate voltage for connection directly to the national grid with no storage batteries required.  The power plant will also include ancillary structures such as an office and data control building, warehouses and workshops, and internal roads. The project is located in the El Khobna sector, south of the Mezzouna delegation, Sidi Bouzid governorate. The project site covers around 267 hectares and is about 3 km from Mezzouna and 5.5 km from Sebkhat Noual (a Ramsar-classified wetland). The project plot is part of the private domain of the Tunisian state and has specifically chosen for its flat, homogeneous terrain, which is ideal for solar infrastructure. The plant will be completely fenced.  Access to the site will be via new access track of 1 km which will connect to an existing 1.7 km untarred track from the C205 regional road. The 1.7 km access track is mainly used by a nearby under construction solar PV plant which is expected to start operation in the first quarter of 2026. Connection to the grid will be through a greenfield 45 km OHTL that will connect to the existing Meknassy substation. After construction, the OHTL will be handed over to the Société Tunisienne de l'Electricité et du Gaz (Tunisian Company of Electricity and Gas – “STEG”) for operations and maintenance. The OHTL will traverse multiple land parcels characterized by diverse tenure arrangements, including approximately 79 privately titled parcels, 19 requisitioned parcels, and 32 state-owned parcels. To accommodate the infrastructure, a Right of Way (RoW) of 14 meters on each side of the transmission line will be established. Notably, the OHTL alignment passes in close proximity to the buffer zone of Bouhedma National Park (about 20 m), a protected ecological area, and lies approximately 1 km from Sebkhet Noual, a sensitive wetland ecosystem. The project is still in the design stage and is expected to be completed within 18 months after groundbreaking under a turnkey, fixed price Engineering Procurement and Construction (“EPC”) contract, with Qair International (EPC).  CSK is expected to operate the plant for 25 years and then hand it over to the Government of Tunisia as per the Power Purchase Agreement (PPA).