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Scatec, Aeolus to develop 120 MW solar projects in Tunisia

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Scatec ASA and Aeolus SA, part of Toyota Tsusho Group, have partnered to develop 120 MW of solar projects in Tunisia. Financial close has been achieved for the Sidi Bouzid and Tozeur projects, each 60 MW, with Scatec starting construction.

Aeolus acquired a 49% stake, with Scatec holding 51%. The projects, selected by Japan’s Ministry of the Environment for the JCM Model Projects in FY2023, have a total cost of EUR 79 million. The financing includes non-recourse debt, concessional loans, and equity, with Japanese carbon credit funding reducing the equity need to 15%.

Scatec will handle EPC, AM, and O&M services, covering 84% of capex.

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