Scatec leads Tunisian 120 MW solar projects development

Norway-based Scatec ASA and Japan-based Aeolus SAS, a Toyota Tsusho Group subsidiary, have achieved financial closure for two 60 MW solar projects in Sidi Bouzid and Tozeur, Tunisia, collectively 120 MW. Scatec ASA will oversee construction and project management with a 51% stake, while Aeolus SAS holds 49%, according to Scatec. This partnership follows a 20-year PPA granted to Scatec by Tunisian utility STEG in 2019, with a possible 10-year extension. The €79 million project is financed through non-recourse project finance debt, concessional loans, and equity. According to Scatec, Japanese carbon credit funding will reduce the equity requirement to approximately 15%.