Qair - Gafsa (IFC-51661)

Countries
  • Tunisia
Geographic location where the impacts of the investment may be experienced.
Specific Location
El Ksar, Governorate of Gafsa
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Gafsa Solar Plant
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 34.71 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 30
Converted using 2025-11-07 exchange rate.
Project Cost (USD)
$ 97.18 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 84
Converted using 2025-11-07 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 28, 2025

Disclosed by Bank Nov 7, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment seeks to support the development, financing, construction, operation and maintenance of a 100 MW solar Photovoltaic (PV) power plant and its associated grid infrastructure, located in El Ksar, Governorate of Gafsa, Tunisia. The Project was awarded to Qair International (Qair, the Sponsor) in December 2024 under the Government of Tunisia’s Renewable Energy Round II program (total 1.7 GW). The electricity produced will be sold to Société Tunisienne de l’Électricité et du Gaz (STEG) under the terms of a 25-year Power Purchase Agreement.The Project is expected to be supported by a guarantee from the Better Futures Program, provided by the European Commission under the European Fund for Sustainable Development Plus (EFSD+).                                                   

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as the Environmental and Social (“E&S”) impacts associated with the project are limited, generally project-specific and can be addressed through the implementation of good international industry practices.  Furthermore, it is possible to design and implement engineering and management measures to mitigate adverse impacts during construction and operation.  The environmental and social risks are moderate.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project cost is estimated at approximately EUR 84 million. The proposed IFC investment comprises up to EUR 30 million A-Loan for IFC’s Own Account. IFC is also expected to provide an interest rate swap to partially hedge the senior debt.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Project will be implemented by a Special Purpose Vehicle, Centrale Solaire Gafsa, which is wholly owned by Qair and incorporated in Tunisia.

Qair is an independent French renewable energy producer operating across the full value chain, from project development and financing to construction, operation, and asset management. Qair capital is held primarily by its management and founding partners (51%). The remaining shares (49%) are primarily held by BPI France, RGREEN, Taylor-DeJongh and DIF Capital.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Qair International SAS Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Qair International
Shaan Potayya
Director Finance & Investment (Africa)
+33 6 59 43 78 55
s.potayya@qair.energy
109 Rue du Faubourg Saint Honoré, 75008 Paris, France
https://www.qair.energy/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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