International financial institution the Multilateral Investment Guarantee Agency (MIGA) has provided a €18.45 million guarantee to AEOLUS SAS – a joint venture between Toyota Tsusho’s subsidiaries CFAO and Eurus Energy – to support the construction of two solar projects in Tunisia.
Developed in partnership with renewable energy company SCATEC, the projects involve the development, financing, construction, operation and maintenance of two 50 MW solar plants and their related transmission facilities in Sidi Bouzid and Tozeur. The electricity generated will be sold to Tunisia’s national utility Société Tunisienne de l’Electricité et du Gaz under 20-year power purchase agreement.
According to MIGA Executive Vice President Hiroshi Matano, “The two solar plant projects in Tunisia showcase the important role of independent power producers in increasing renewable energy production at a competitive cost in developing countries.”
The guarantee protects AEOLUS’ investments in the Sidi Bouzid Mezzouna and Tozeur solar power plants against risks such as transfer restrictions, expropriation, war, civil disturbance and contract breaches for a period of 20 years.
