The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has announced a new financial guarantee to support the development of a large-scale solar power project in Tunisia. The initiative marks MIGA’s fourth solar energy project in the country and reflects continued international support for Tunisia’s transition toward cleaner and more sustainable energy sources.
Under the agreement, MIGA will provide a guarantee of up to €13.05 million for a period of 20 years. The guarantee has been issued to AEOLUS SAS, a French joint venture established by the Japanese and French subsidiaries of Toyota Tsusho Corporation. The financial backing will support the company’s investment in a local project entity responsible for developing, constructing, and operating a 100 MW solar photovoltaic power plant in Mezzouna, located in Tunisia’s Sidi Bouzid region.
The project will include a utility-scale solar PV facility along with approximately 12 kilometers of overhead high-voltage transmission lines required to connect the plant to the national electricity network. Once operational, all electricity generated by the plant will be supplied to Tunisia’s state-owned utility, Société Tunisienne de l’Electricité et du Gaz (STEG), under a long-term 25-year power purchase agreement.
The solar project is being developed in partnership with Norwegian renewable energy company Scatec. It is also receiving financial support from several international institutions, including the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). In addition, the European Union is contributing through grants and guarantee mechanisms, while Japan’s export credit agency is providing reinsurance support for the investment.
The project is expected to play an important role in supporting Tunisia’s renewable energy ambitions. At present, around 94 percent of the country’s electricity generation depends on fossil fuels, making the energy sector vulnerable to fluctuations in international fuel prices and external supply risks. To reduce this dependence and improve energy security, Tunisia has set a national goal of generating 35 percent of its electricity from renewable energy sources by 2030.
According to MIGA, the guarantee will help attract private sector investment while reducing financial risks associated with the project. The agency stated that expanding solar generation capacity will strengthen Tunisia’s energy independence and provide reliable, clean, and affordable electricity for consumers.
Project representatives said the Mezzouna solar plant builds on the success of recently completed renewable energy projects in Tunisia. They added that the investment demonstrates growing confidence among international investors in the country’s renewable energy sector and highlights the increasing role of public-private partnerships in advancing sustainable infrastructure across Africa.
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