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Norwegian independent power producer Scatec has secured final financing for the 120MW Sidi Bouzid II solar PV project in Tunisia.
The initiative is a joint venture with Aeolus SAS, which belongs to the Toyota Tsusho Group, and both companies hold equal 50% stakes. Construction is currently in progress, with commercial operations anticipated to start in the latter half of 2027.
Total capital expenditure is projected at EUR96 million (US$110 million), funded through a mix of non-recourse debt and equity, with leverage around 70%.
Scatec CEO Terje Pilskog stated that Sidi Bouzid II represents the firm’s third project beginning construction in Tunisia, strengthening its collaboration with Aeolus and its foothold in the nation. He highlighted that the venture showcases the company’s capacity to expand via repeatable tender-based projects, underpinned by a robust partnership and a capital-light approach.
Financing has been arranged with the European Bank for Reconstruction and Development and the European Investment Bank. Additional backing comes from grant funding via the EU Neighbourhood Investment Platform and guarantees from the European Fund for Sustainable Development Plus.
Scatec will handle engineering, procurement, and construction, along with asset management and operations and maintenance services. The EPC contract accounts for roughly 75% of the total project capital expenditure.
A 25-year power purchase agreement with Tunisian state utility Societe Tunisienne de l’Electricite et du Gaz supports the project.
Tunisia depends heavily on natural gas for electricity, with 95% of its power generated from that fuel and over 60% of gas supplies imported. The country aims to derive 35% of its electricity from renewable sources by 2030, seeking to lower generation costs and boost energy self-sufficiency.
The 60MW Sidi Bouzid I solar facility entered commercial operation in March 2026.
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