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We have financial details on Scatec + Aeolus’s solar project in Tunisia: The European Bank for Reconstruction and Development (EBRD) and the French development agency, Proparco, are lending Japan’s Aeolus — a subsidiary of Toyota’s investment arm Toyota Tsusho Group — and Norwegian renewables developer Scatec EUR 25 mn for the construction of two 60 MW solar power plants in Tunisia, according to a press release.
The breakdown: The EBRD’s financing package includes a EUR 12.5 mn loan, a EUR 8.2 mn concessional tranche from the Bank’s Clean Technology Fund (CTF), and another EUR 4.6 mn tranche from its Global Environment Facility.
Japan is aiding Africa’s green energy transition: The solar plants, also supported by Japan’s Joint Crediting Mechanism (JCM) program, aim to provide low-cost green electricity and are expected to cut annual CO2 emissions by up to 108k tons once operational, according to the statement. Aeolus was founded as “a joint venture to promote renewable energy business in Africa,” and this marks its first investment since the company was established in March.
ICYMI- Aeolus acquired 49% ownership of the two projects earlier this week, after it signed a partnership agreement with Scatec to jointly develop and own the latter’s EUR 79 mn Sidi Bouzid and Tozeur solar projects. The tender for the plants entered its final stages back in May.
