In a significant move towards green energy, the European Bank for Reconstruction and Development (EBRD) and the French development agency, Proparco, have committed to financing two major solar photovoltaic power plants in Tunisia. These plants, located in Tozeur and Sidi Bouzid, aim to accelerate the country’s renewable energy production.
The EBRD’s financing package includes a loan of up to €12.5 million, supplemented by €8.2 million from the Clean Technology Fund (CTF) and €4.6 million from the Global Environment Facility (GEF). This investment underscores the EBRD’s ongoing support for Tunisia’s renewable energy sector, particularly in collaboration with Scatec, a leading renewable energy provider.
The solar power plants, each with a 60 MW capacity, will be developed by Scatec in partnership with Aeolus, part of the Japanese conglomerate Toyota Tsusho Group. These projects are part of Japan’s Joint Crediting Mechanism (JCM), which aims to promote low-cost green electricity and reduce reliance on fossil fuels in Tunisia.
Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, expressed pride in the collaboration: “We are proud to partner with Scatec and Aeolus-Toyota Tsusho Group on their first utility-scale solar projects in Tunisia. These projects highlight the sponsors’ commitment to advancing Tunisia’s renewable energy sector.”
Terje Pilskog, CEO of Scatec, emphasized the significance of the financial close: “We are excited to have reached financial close on the Tunisian projects and look forward to the construction phase. We appreciate the support from the EBRD, Proparco, and other financing partners, as well as the Governments of Tunisia and Japan.”
Hideharu Toba, President of Aeolus, highlighted the importance of this investment: “These projects mark Aeolus’s first commemorative investment since our establishment in March 2024. We are grateful for the persistent efforts and support of the EBRD and Proparco.”
Françoise Lombard, CEO of Proparco, reaffirmed their commitment: “We are proud to strengthen our long-term relationship with Scatec and join forces with Aeolus-Toyota Tsusho Group. These projects reflect our dedication to supporting renewable energy in emerging markets.”
The projects are expected to significantly reduce CO2 emissions by up to 108,000 tonnes annually once operational. This initiative marks a major milestone in Tunisia’s commitment to scaling up renewable energy and reducing its carbon footprint.
Scatec, a Norwegian renewable power producer, develops, builds, and operates solar, wind, and hydropower plants and storage solutions worldwide. Toyota Tsusho Corporation, through its subsidiary Aeolus, promotes renewable energy business in Africa.
Since 2012, the EBRD has invested over €2.3 billion in 73 projects in Tunisia, supporting around 2,000 local enterprises with EU-funded technical assistance.
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