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Tunisia. In parallel, financial close has been achieved for the 120 MW Sidi
Bouzid and Tozeur solar projects (each 60 MW), which are part of the partnership
agreement. Scatec will now start construction of the projects.
In 2019, Scatec was awarded 20-year power purchase agreements (PPA), with
options for 10-year extension, with the Tunisian state utility Société
Tunisienne de l’Electricité et du Gaz (STEG). As part of the partnership
agreement Aeolus has acquired 49% of the projects with Scatec holding the
remaining 51%. With Aeolus’s participation, this project has been selected by
Ministry of the Environment, Japan for Financing Programme for Joint Crediting
Mechanism (JCM) Model Projects in FY2023.
The total project cost (capex) is estimated at EUR 79 million and will be
financed by non-recourse project finance debt, concessional loans and equity
from the partners. The Japanese carbon credit funding, which will be received
post commercial operation date (COD), will effectively reduce the equity
partners funding need to approximately 15 percent.
Scatec will provide Engineering, Procurement & Construction (EPC), Asset
Management (AM) and Operations & Maintenance (O&M) services with an EPC scope of
approximately 84% of capex.
The senior Lenders for the projects are the European Bank of Reconstruction and
Development (EBRD) and Société de Promotion et de Participation pour la
Coopération Economique (Proparco), with concessional financing provided by the
Clean Technology Fund and the Global Environment Facility.
“We are excited to welcome Toyota Tsusho - Aeolus on board for the development
of our projects in Tunisia. We would like to thank Toyota Tsusho Group’s
management for their support and trust in Scatec and are looking forward to
embarking on the construction phase of the two projects. The partnership
highlights our track record in structuring projects, securing strong partners,
and obtaining the necessary financing to drive profitable renewable energy
projects forward. We would like to thank our key lending partners and the
Government of Tunisia and Japan for their support and drive of the green
transition in the region,” says Scatec CEO Terje Pilskog.
“We are delighted to have partnered with Scatec on these projects. We extend our
gratitude to Scatec for their persistent efforts over the years and their trust
in us. These projects mark Aeolus’s first commemorative investment since our
establishment in March 2024. We are also grateful for the cooperation and
efforts of the governments of Tunisia and Japan, as well as the lenders,
advisors and the everyone involved in bringing these projects to fruition.
Aeolus remains committed to contributing to the development of Tunisia and other
African countries through renewable energy projects,” says Aeolus CEO Hideharu
Toba.
“We are proud to partner with Scatec and Aeolus - Toyota Tsusho Group on their
first utility-scale solar projects in Tunisia. These projects, cofinanced with
our long-standing partners Proparco, the Clean Technology Fund and the Global
Environment Facility, are a testament to the sponsors’ commitment to support the
development of Tunisia’s renewable energy sector,” says Nandita Parshad,
Managing Director Sustainable Infrastructure Group EBRD.
“We are very proud to strengthen our long-term relationship with Scatec, a key
player in the renewable energy sector across emerging markets, and to join
forces with Aeolus - Toyota Tsusho Group, as both are now jointly engaged in the
Sidi Bouzid and Tozeur solar projects that we have supported from the
inception,” said Françoise Lombard, CEO at Proparco. “The entire Agence
Française de Développement Group, including Proparco, remains committed to the
Tunisian authorities’ ambitious goal of increasing the share of renewable energy
in the country’s power generation mix to 35% by 2030. The two projects are
paving the way for many other high-impact investment opportunities in Tunisia.”
The Government of Tunisia has an ambition to increase the renewable energy share
to 35% of the country’s energy mix by 2030 and is running an attractive
renewable energy tender programme to support this target. The partnership
agreement outlines a joint ambition to participate in the programme to
accelerate access of renewables in the country.
Notes to the editor:
Ministry of the Environment, Japan has been implementing the “JCM Model
Projects,” which provides financial support covering a material portion of
equipment and installation costs. The purpose of this model projects is to
financially support the implementation of projects which reduce GHG emissions by
utilizing leading decarbonizing technologies in developing countries, and in
return, to acquire JCM credits for achievement of Japan’s GHG emission reduction
and the partner countries’ emission reduction target. This project is being
implemented with the cooperation of the Tunisian and Japanese governments
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone:
+47 974 38 686, andreas.austrell@scatec.com
(mailto:andreas.austrell@scatec.com)For media: Meera Bhatia, SVP External
Affairs & Communications, phone: +47 468 44 959, meera.bhatia@scatec.com
(mailto:meera.bhatia@scatec.com)
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy in emerging markets. As a long-term player,
we develop, build, own, and operate renewable energy plants, with 4.6 GW in
operation and under construction across four continents today. We are committed
to grow our renewable energy capacity, delivered by our passionate employees and
partners who are driven by a common vision of ‘Improving our Future’. Scatec is
headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol ‘SCATC’. To learn more, visit www.scatec.com
(https://scatec.com/) or connect with us on LinkedIn
(Scatec ASA | LinkedIn).
About Aeolus
Toyota Tsusho Corporation (Toyota Tsusho) established, in March 2024 in France,
Aeolus SAS (Aeolus), a joint venture to promote renewable energy business in
Africa. Aeolus is owned 50% respectively by Toyota Tsusho’s wholly owned
subsidiaries, CFAO SAS (CFAO) and Eurus Energy Holdings Corporation (Eurus
Energy). CFAO has a long business history, knowledge and network in Africa in
four domains: mobility, healthcare, consumer and infrastructure. Eurus Energy
operates wind and solar power projects in 15 countries and regions and is the
largest wind power producer in Japan. It has expertise in all aspects of
renewable energy business. To learn more, visit www.toyota-tsusho.com
(Toyota Tsusho Corporation) or connect with us on LinkedIn
(https://www.linkedin.com/company/aeolus-
africa/?lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3B867iSgcORTuNRCcNmHSD
2Q%3D%3D).
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Kine Aaltvedt, IR Analyst at
Scatec ASA, on 5 August 2024 at 12:01 CEST.
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