Participation in the Third Solar IPP Project (100 MW) in Tunisia
Eurus Energy Holdings Corporation (“Eurus Energy”) announced today that AEOLUS SAS ("AEOLUS"), a joint venture between Eurus Energy and CFAO SAS, will participate in a third solar independent power producer (IPP) project (“the Project”) in the Republic of Tunisia ("Tunisia").
The Project is to construct, own, and operate the Sidi Bouzid II Solar Plant with a capacity of 100 MW (120 MWp) in Sidi Bouzid Governorate of Tunisia. The Project will be implemented through a project company jointly owned by AEOLUS and Scatec ASA (“Scatec”), a Norwegian renewable energy company, with each holding a 50% stake. The project is expected to reach commercial operation in the second half of 2027, and after completion, electricity will be sold under a 25-year power purchase agreement with the Tunisian Company of Electricity and Gas (STEG).
The total project cost is approximately 96 million euros. The Project is financed through non-recourse project finance debt provided by the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). The project also benefits from support provided by the European Union, including EFSD+ guarantee mechanisms supporting the financing package and a 5.5 million euros grant from the Neighbourhood Investment Platform (NIP) for the associated transmission infrastructure. In addition, the Project has been selected under Subsidy Programme for the Joint Crediting Mechanism (JCM) Facility Introduction*1 by Ministry of the Environment, Japan (“MOEJ”) in FY2024.
AEOLUS has secured equity guarantee from the Multilateral Investment Guarantee Agency (MIGA)*2 of the World Bank Group.
Through AEOLUS, the Eurus Energy Group has been promoting two solar power projects in Tunisia—Sidi Bouzid Mezzouna PV Power and Tozeur PV Power—with total capacity of 100 MW. Upon completion of the Project, the total capacity of our three solar power plants in the country will reach 200 MW.
The Government of Tunisia aims to reduce its dependence on imported energy and achieve decarbonization, setting a target of increasing the share of renewable energy to 35% of total power generation by 2030. Through the promotion of renewable energy generation in Tunisia, the Eurus Energy Group will contribute to the achievement of the government’s goals and the country’s economic development.
The Eurus Energy Group will contribute to the spread of clean, low-cost renewable energy in Africa through AEOLUS and continue its efforts to further expand wind and solar power generation, thereby helping to conserve the global environment and create a sustainable society.- *1Ministry of the Environment, Japan has been implementing the Subsidy Programme for the JCM Facility Introduction, which provides financial support of up to a 1/2 of the initial investment cost for projects. Representative participants in the Projects shall conduct measurement, reporting, and verification (MRV) of GHG emission reductions. In addition, this financing support programme is expected to contribute to global decarbonization by disseminating and deploying advanced decarbonizing technologies while ascertaining in detail the needs of partner countries. This project is being implemented with the cooperation of the governments of Tunisia and Japan.
- *2a member of the World Bank Group, providing guarantees for private investors to promote cross-border investment.
Outline of the Project
| Project Name | Sidi Bouzid II Solar Plant |
|---|---|
| Operating company name | SCATEC KHOBNA PV POWER SARL |
| Location | Sidi Bouzid Governorate, Central Tunisia |
| Business description | Solar power generation and sale of electricity |
| Investment ratio | Scatec 50%, AEOLUS 50% |
| Capacity | 100 MW (120 MWp) |
| Electricity purchaser | Tunisian Company of Electricity and Gas (STEG) |
| Total project cost | Approx. 96 million euros |
| Financial group | European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB) |
| Start of commercial operation | Second half of 2027 (planned) |
Project Site
Overview of AEOLUS
| Company name | AEOLUS SAS |
|---|---|
| Establishment | March 13, 2024 |
| Location | French Republic |
| Representative | President and Managing Director Hideharu Toba |
| Business activities | Renewable energy business |
| Investment ratio | CFAO 50%, Eurus Energy 50% |