Tozeur Equity Bridge Loan (EBRD-55251)

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
Tozeur
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
  • European Bank for Reconstruction and Development (EBRD)
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
Dec 3, 2024
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
Tozeur Holdco B.V. (Scatec ASA)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.82 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 10.3
Converted using 2024-12-03 exchange rate.
Loan Amount (USD)
$ 10.82 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 10.3
Converted using 2024-12-03 exchange rate.
Project Cost (USD)
$ 10.82 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 10.3
Converted using 2024-12-03 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 16, 2024

Disclosed by Bank Dec 10, 2024

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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.

According to the EBRD, the project consists of the provision of an Equity Bridge Loan to fund Scatec' equity commitment in the construction and operation of a 50 MW solar PV plant located in the area of Tozeur, in Tunisia.

The Project will promote private sector participation in the Tunisian power sector. By adding 50 MW of green generation capacity to the Tunisian power system - currently dominated by gas-fired power plants (94.7% of installed capacity), the Project will reduce reliance on thermal power generation and increase the share of renewable energy in the energy mix in line with the nationally declared targets.

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 by the EBRD, Tozeur Holdco B.V. is a limited liability company incorporated in the Netherlands, established to hold the ownership of a solar PV power plant in the area of Tozeur,Tunisia,with an installed capacity of 50MW. The Borrower is ultimately owned by Scatec(51%) and Aeolus SAS(49%),part of the Japanese conglomerate Toyota Tsusho Group.

As stated on the company's LinkedIn profile, 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.

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 Investor Energy contracts with Scatec ASA Client Energy
Toyota Tsusho Corp Parent Company Finance owns Aeolus SAS Investor 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 - Tozeur Holdco B.V. (Scatec ASA):

Vegard Skonseng Bjerketvedt
Email: vegard.skonseng.bjerketvedt@scatec.com
Phone: +4741686470
Website: http://www.scatec.com
Address: Askekroken 11, 0277 Oslo, Norway

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

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How it works