EBRD backs Scatec-Aeolus PV projects in Tunisia with EUR 25m

The European Bank for Reconstruction and Development (EBRD) on Tuesday confirmed its participation in a funding transaction supporting the construction of two solar parks in Tunisia totalling 120 MW.

EBRD has extended EUR 25 million (USD 27.3m) in debt for the two projects, to be executed by renewable power producer Scatec ASA (OSL:SCATC) and Toyota Tsusho’s Aeolus SAS in Tozeur and Sidi Bouzid. The funding is being provided as part of a larger transaction with French development agency Proparco that has enabled the partners to achieve financial closing on the schemes.

Specifically, EBRD took part in the funding round with a loan of up to EUR 12 million, a concessional tranche of USD 8.9 million by the Clean Technology Fund, and an additional USD 5 million from the Global Environment Facility.

The two solar projects to be implemented by Aeolus and Scatec will qualify for financing under a joint programme of the Japanese and Tunisian governments. The specific schemes are part of a larger portfolio majority-owned by Scatec and in which Aeolus just bought a 49% stake.

(EUR 1.0 = USD 1.091)

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