EBRD extends an equity bridge loan to Scatec for Tunisian solar plants

EBRD to extend loan for Tunisia’s solar plants: The European Bank for Reconstruction and Development (EBRD) is set to provide an EUR 20.3 mn equity bridge loan to Scatec for the construction and operation of two 50 MW solar plants in Tunisia, according to the project summary documents here and here. The loans are currently pending approval.

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Building on previous financing: EBRD and the French development agency, Proparco, agreed to lend Japan’s Aeolus — a subsidiary of Toyota’s investment arm Toyota Tsusho Group — and Norwegian renewables developer Scatec EUR 25 mn for the construction of the two solar plants in Sidi Bouzid and Tozeur back in August. The EBRD's financing package includes a EUR 12.5 mn loan, a EUR 8.2 mn concessional tranche from the Bank’s Clean Technology Fund (CTF), and another EUR 4.6 mn tranche from its Global Environment Facility.

Construction is underway: Scatec and Aeolus broke ground on the 50 MW plant in Tozeur in September. Scatec — which was awarded a 20 year power purchase agreement with the option to extend 10 years from the Tunisian state utility firm Société Tunisienne de l’Electricité et du Gaz — will handle Engineering, Procurement & Construction, Asset Management, and Operations & Maintenance services. Operations are expected by the end of 2025.

Part of a bigger plan: Tunisia has set a national strategy to develop solar plants with a combined capacity of 500 MW across the country, with a target to have clean energy sources comprise 35% of its electricity mix by 2030, and its unconditional emissions reduction target to slash 27% — 35 mn tons of CO2 — by 2030 compared to 2010 levels.