The European Bank for Reconstruction and Development (EBRD) is actively supporting Tunisia’s transition to a sustainable energy landscape. In a significant move to bolster the country’s energy security and reduce carbon emissions, the EBRD has approved a €25 million loan to finance the construction of two solar power plants in the regions of Tozeur and Sidi Bouzid.
This strategic investment is being undertaken in collaboration with the French development agency, Proparco, and is further supported by financial contributions from the Clean Technology Fund (CTF) and the Global Environment Facility (GEF). The EBRD’s contribution comprises a €12.5 million loan, complemented by a concessional tranche of €8.2 million from the CTF and an additional €4.6 million from the GEF.
The solar power plants, each boasting an installed capacity of 60 megawatts, will be developed by the renewable energy leader Scatec and Aeolus, a subsidiary of the Japanese conglomerate Toyota Tsusho Group. These projects align with Japan’s Joint Crediting Mechanism (JCM) initiative, promoting the development of low-cost green electricity.
Upon completion, the power plants are projected to generate substantial environmental benefits by reducing annual carbon dioxide emissions by up to 108,000 tonnes. This achievement is a pivotal step towards Tunisia’s broader goal of expanding renewable energy production and diminishing its reliance on fossil fuels.
Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, expressed the bank’s enthusiasm for partnering with Scatec and Aeolus-Toyota Tsusho Group on their inaugural utility-scale solar ventures in Tunisia. She emphasized the project’s significance as a testament to the sponsors’ dedication to advancing Tunisia’s renewable energy sector.
Terje Pilskog, CEO of Scatec, conveyed the company’s excitement about commencing the construction phase and welcomed the collaboration with Aeolus-Toyota Tsusho Group. He extended gratitude to the EBRD, Proparco, and other financial partners for their unwavering support, as well as to the Tunisian and Japanese governments for their role in driving the region’s green transition.
Hideharu Toba, President of Aeolus, highlighted the project as a landmark investment since the company’s establishment in March 2024. He expressed appreciation for the enduring support of the EBRD and Proparco, acknowledging their instrumental role in bringing the project to fruition.
Françoise Lombard, CEO of Proparco, affirmed the organization’s pride in strengthening its long-term partnership with Scatec, a prominent player in the global renewable energy market. She also welcomed the collaboration with Aeolus-Toyota Tsusho Group, emphasizing their joint commitment to the success of the Sidi Bouzid and Tozeur solar projects.
With a proven track record of over €2.3 billion invested in 73 projects since 2012, the EBRD has established itself as a key partner in Tunisia’s development journey. The bank’s support extends beyond large-scale infrastructure projects, encompassing assistance to approximately 2,000 local small and medium-sized enterprises through European Union-funded technical assistance programs.
This strategic investment in Tunisia’s renewable energy sector underscores the EBRD’s commitment to promoting sustainable economic growth and environmental stewardship in the region.
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