Sidi Bouzid II Solar PV (MIGA-15494)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Tunisia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mezzouna delegation of Sidi Bouzid Governorate
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 7, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Aeolus SAS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 13.05
Converted using 2025-11-07 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 24, 2026

Disclosed by Bank Sep 15, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As the project disclosure page states, on June 30, 2026, the Multilateral Investment Guarantee Agency (MIGA), home of the World Bank Group Guarantee Platform, issued a guarantee of €13.05 million to Aeolus SAS (France), a joint venture between CFAO SAS (France) and Eurus Energy Holdings Corporation (Japan), both wholly owned subsidiaries of Toyota Tsusho Corporation (Japan), for their investment in Scatec Khobna PV Power SARL in Tunisia. The guarantee covers the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract for a period of up to 20 years.

The guarantee will support the development, financing, construction, operation, and maintenance of a 100-MW grid-connected solar photovoltaic power plant in the Mezzouna delegation of Sidi Bouzid Governorate, c. 260 kilometer south of Tunis and adjacent to the first 50MW grid-connected Sidi Bouzid solar plant also supported by MIGA (see https://www.miga.org/project/tozeur-and-sidi-bouzid-solar-plants-1 to learn more about the MIGA guarantees issued to Aeolus SAS for their investments in the 50MW grid-connected Tozeur and Sidi Bouzid 1 solar projects in Tunisia). The project comprises a photovoltaic plant and high-voltage transmission infrastructure, which includes 12 kilometers of overhead transmission lines. Electricity generated from the projects will be sold to the state-owned utility, Société Tunisienne de l’Electricité et du Gaz, under a 25-year power purchase agreement.

The project is being developed in partnership with Scatec (Norway) and financed by the European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB). The project supports the government of Tunisia’s efforts to enhance energy security, improve energy efficiency, and reduce reliance on imported energy through the expansion of renewable energy. Tunisia currently relies on fossil fuels for 94 percent of its domestic power generation, with ambitions to increase the share of renewables to 35 percent by 2030. The project is strategically important for Tunisia, helping the country to meet growing demand for energy sustainably.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

As stated by the MIGA, the Project is classified as Category B under MIGA’s Policy on Environmental and Social Sustainability (2013). 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's LinkedIn account, Aeolus is a large scale renewable energy platform dedicated to Africa, owned 50% respectively by Toyota Tsusho's wholly owned subsidiaries, CFAO and Eurus Energy. 

As stated by Bloomberg, CFAO distributes automobiles. The Company offers light and heavy vehicles, trucks, and motorcycles, as well as tires, spare parts, and handling equipment. CFAO serves customers worldwide.

Eurus Energy Holdings Corporation provides renewable energy project development services. The Company offers wind and solar power generation, energy storage, electricity sales, and other services. Eurus Energy Holdings conducts its businesses in Japan.

Toyota Tsusho Corporation, a member of the Toyota Group, is a trading company. The Company markets automobiles, trucks, steel products, industrial machinery, chemical products, and energy in both domestic and overseas markets. Toyota Tsusho primarily exports cars to Southeast Asia, China, the Middle East, and Latin America.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Aeolus SAS Client Energy invests in Scatec ASA Undisclosed Energy
CFAO SAS Parent Company Infrastructure owns Aeolus SAS Client Energy
Eurus Energy Holdings Corp Parent Company Energy owns Aeolus SAS Client Energy
Toyota Group Parent Company Industry and Trade owns Toyota Tsusho Corp Parent Company Industry and Trade
Toyota Tsusho Corp Parent Company Industry and Trade owns CFAO SAS Parent Company Infrastructure
Toyota Tsusho Corp Parent Company Industry and Trade owns Eurus Energy Holdings Corp Parent Company Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Scatec ASA:

Maha Ben Hmidane - Director, Scatec Tunisia
Email: maha.ben.hmidane@scatec.com
Address: 24 rue Lac Tanganyika, Les Berges du Lac 1,1053 Tunis, Tunisia

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information 

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org 

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

How it works

How it works