Renewable energy provider Scatec and Aeolus, part of Japanese conglomerate Toyota Tsusho Group, are developing
two solar power plants, each with an installed capacity of 60 MW, following the signing of a partnership agreement between the two.
The European Bank for Reconstruction and Development (EBRD) and the French development agency Proparco are financing the construction and operation of the two solar photovoltaic power plants in Tozeur and Sidi Bouzid.
It was shared that the projects qualify for the financing programme for Joint Crediting Mechanism (JCM) model projects implemented by Japan’s Ministry of the Environment in cooperation with Tunisia.
The EBRD’s financing package consists of a loan of up to €12.5 million, a concessional tranche of US$ 8.9 million (€8.2 million) extended by the Clean Technology Fund (CTF) and US$ 5.0 million (€4.6 million) provided by the Global Environment Facility (GEF).
“We are proud to partner with Scatec and Aeolus-Toyota Tsusho Group on their first utility-scale solar projects in Tunisia. These projects, co-financed with our long-standing partners Proparco, the Clean Technology Fund and the Global Environment Facility, are testament to the sponsors’ commitment to supporting the development of Tunisia’s renewable energy sector,” said Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group.
The EBRD said that it has been a “key partner” in the development of Tunisia’s renewable sector over the past seven years and has been supporting Scatec since the inception of these projects.
“We are excited to have reached financial close on the Tunisian projects and are looking forward to embarking on the construction phase,” commented Terje Pilskog, CEO of Scatec.
“We would like to welcome our new partner, Aeolus-Toyota Tsusho Group, to the projects and express our appreciation to the EBRD, Proparco and other financing partners for their invaluable commitment. We would further like to thank the Governments of Tunisia and Japan for their support and for driving the green transition in the region,” added Pilskog.
Tunisia aims to achieve a 35 per cent renewable energy share by 2030, with an installed capacity of 4GW.
“We are delighted to have partnered with Scatec on these projects. They mark Aeolus’s first commemorative investment since our establishment in March 2024. We are also grateful for the persistent efforts and support of the EBRD and Proparco for many years, as well as the advisors and everyone involved in bringing these projects to fruition,” said Hideharu Toba, President of Aeolus.