Scatec ASA

M&A Activity • Mar 24, 2025

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

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 (mailto:andreas.austrell@scatec.com)

+47 974 38 686

For media:

Meera Bhatia, SVP External Affairs & Communications

meera.bhatia@scatec.com (mailto: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