Scatec signs 25-year PPA in Tunisia for a 120 MW solar plant

Oslo, 24 March 2025: Scatec ASA, a leading renewable energy solutions provider has signed a 25-year Power Purchase Agreement (PPA) with Tunisian state utility Société Tunisienne de l'Electricité et du Gaz (STEG) for another 120 MW solar power plant (Sidi Bouzid II) in Tunisia. The PPA was awarded in December 2024 through a government tender to support Tunisia’s ambitious renewable energy targets and to enhance the country's energy security.

Scatec has further signed a Joint Development Agreement, with Aeolus SAS (Aeolus), part of the Japanese conglomerate Toyota Tsusho Group, for the project. The agreement enhances the partners’ collaboration in Tunisia, building on the success of the 60 MW Sidi Bouzid I and 60 MW Tozeur solar projects currently under construction. Scatec will own 50% of the Sidi Bouzid II project, while Aeolus will own 50%.

The estimated total capital expenditure (capex) for the project is EUR 87 million and Scatec will be the designated EPC-provider with an EPC share of approximately 85% of capex. Scatec is currently in dialogue with selected financial institutions for debt financing of the project and the total financing structure will be communicated at financial close which is expected in the second half of 2025.

"This agreement marks a significant milestone for Scatec in Tunisia, reinforcing our collaboration with Aeolus and our commitment to driving the renewable energy transition in the region. Tunisia depends significantly on gas imports, making projects like this essential for diversifying the energy mix and achieving the country’s ambitious renewable energy goals,” says Terje Pilskog, CEO of Scatec.

Tunisia is committed to reaching 30% renewable energy by 2030 to reduce emissions, cut costs, and increase energy security. With 97% of electricity production currently derived from gas, of which approximately half is imported, Tunisia has an urgent need for additional renewable energy generation. To meet this demand, the authorities are planning further solar and wind auctions in the years to come. Scatec will continue to explore Tunisia's attractive renewables market through upcoming auctions, leveraging its partnership with Aeolus and the fully integrated business model.

For further information, please contact:
For analysts and investors:
Andreas Austrell, VP IR
andreas.austrell@scatec.com
+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
+47 468 44 959

About Scatec 

Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 4.8 GW in operation and under construction across five 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 or connect with us on LinkedIn. 

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act