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Jeongeun Yu

Participation in 100MW Solar Photovoltaic IPP Projects in Tunisia

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Participation in 100MW Solar Photovoltaic IPP Projects in Tunisia

– Our Group’s First Renewable Energy Projects in the Country –

2024.08.06

Eurus Energy Holdings Corporation (“Eurus Energy”) announced today that AEOLUS SAS (“AEOLUS”), which was established through an investment with CFAO SAS, will participate in two independent power producer (IPP) projects to construct, own, operate 100MW (120MWp) solar power plants and sell electricity in the Republic of Tunisia (“Tunisia”).
This will be our group’s first renewable energy project in Tunisia, and the first project for Aeolus since its establishment.

  1. Background

Tunisia relies on imports for most of its energy sources, such as oil and natural gas, with thermal power generation accounting for the majority of domestic power generation capacity. The Government of Tunisia has an ambition to increase the renewable energy share to 35% of the country’s energy mix by 2030 and is running a renewable energy procurement program to achieve this target.

  1. Project Summary

The project is to develop, own, and operate solar power plants in Sidi Bouzid and Tozeur of Tunisia, with capacity of 50 MW (60MWp) respectively. AEOLUS will take a 49% stake in the project, while Scatec ASA, a Norwegian company involved in the construction and operation of solar power plants, will take 51%. Construction is scheduled to begin in August 2024, and after the completion of the construction, the electricity will be sold to the national utility under a 20-year power purchase agreement with option for a 10year extension.
The total project cost is approximately 79 million euros. The projects are financed through non-recourse project finance debt, including from the European Bank of Reconstruction and Development (“EBRD”) and Société de Promotion et de Participation pour la Coopération Economique (“Proparco”). Aeolus is also supported through the political risk insurance provided by the Multilateral Investment Guarantee Agency (“MIGA”)*1 of the World Bank Group.
In addition, this project has been selected by the Ministry of the Environment, Japan for Financing Programme for Joint Crediting Mechanism (JCM) Model Projects*2 in FY2023.

Through AEOLUS, the Eurus Energy Group will contribute to the spread of clean, low-cost renewable energy in Africa, and will continue its efforts to further expand wind and solar power generation, thereby contributing to global environmental conservation and the creation of a sustainable society.

*1  a member of the World Bank Group, providing guarantees to promote cross-border investment in developing countries by providing guarantees (political risk insurance, credit enhancement, and trade finance guarantees).
*2  Ministry of the Environment, Japan has been implementing the “JCM Model Projects,” which provides financial supports covering up to half of the initial investment costs. The purpose of this model projects is to financially support the implementation of projects which reduce GHG emissions by utilizing leading decarbonizing technologies in developing countries, and in return, to acquire JCM credits for achievement of Japan’s GHG emission reduction and the partner countries’ emission reduction target. This project is being implemented with the cooperation of the Tunisian and Japanese governments.

 

Project Summary

Business Company Name SCATEC SIDI BOUZID MEZZOUNA PV POWER SARL
SCATEC TOZEUR PV POWER SARL
Location Sidi Bouzid and Tozeur Provinces, Central Tunisia
Business Solar power generation and sale of electricity
Investment Ratio Scatec 51%, Aeolus 49%.
Equipment Capacity 50MW (60MWdc) x 2 projects Total 100MW
Recipient of Electricity Tunisian State Electricity and Gas Corporation (STEG)
Total Project Cost Approx. 79 million euros
Group of Banks that Provide Loans European Bank for Reconstruction and Development (EBRD) and Société de Promotion et de Participation pour la Coopération Economique (Proparco)
*EBRD loans include concessional loans mobilized by the EBRD and provided by the Clean Technology Fund (CTF) and the Global Environment Facility (GEF), which support climate change and global environmental protection measures for developing countries.

 

Project Sites

Offshore Wind Power Generation Project in Scotland

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Eurus Energy Announces Investment in Offshore Wind Power Generation Project in Scotland

Eurus Energy Group’s First Investment in Offshore Wind Power Generation Project –

 

Eurus Energy Holdings Corporation (“Eurus Energy”) announced today that Eurus Energy UK Ltd., a group company of Eurus Energy, has agreed with Copenhagen Infrastructure Partners P/S (“CIP”), through its Flagship Funds  to acquire part of the shares of Highland Wind Limited, which is owned by CIP and Hexicon A/B (“Hexicon”), in order to participate in the Pentland Floating Offshore Wind Farm under development in Scotland. This is the first project in which Eurus Energy group has invested in an offshore wind power generation project.

In April 2024, the Pentland Floating Offshore Wind Farm, which will be located 7.5km off the coast of Dounreay in Caithness, received approval from Scottish Ministers on a variation application to refine its offshore consents. This included a reduction in the number of turbines, which will now be deployed within a smaller area while maintaining 100MW capacity. The project’s operational lifespan will be up to 25 years, and it will generate enough green electricity to power up to 70,000 homes. The project is being developed by Highland Wind Limited, which is majority owned by CIP with Hexicon as a minority shareholder, and project development activities are being led by CIP’s exclusive offshore wind development partner, Copenhagen Offshore Partners (COP).

Through this project, Eurus Energy will accumulate know-how and technologies in the offshore wind power generation business, which will be actively utilized in the offshore wind power generation business both in Japan and overseas. Based on our corporate philosophy of “Helping to preserve the global environment by disseminating and expanding clean energy technologies”, Eurus Energy group will continue to work on further expansion of wind power generation and contribute to global environmental conservation and the creation of a sustainable society.

Outline of the Project

Location 7.5km off the coast of Dounreay in Caithness, Scottish Highlands
Owner

Highland Wind Limited

Shareholders:Copenhagen Infrastructure Partners P/S, Eurus Energy UK Ltd., Hexicon A/B

Planned Construction Site

About Copenhagen Infrastructure Partners

Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X. CIP manages 12 funds and has to date raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 160 international institutional investors. CIP has more than 500 employees and offices in Copenhagen, London, Hamburg, Utrecht, New York, Tokyo, Singapore, Seoul, Munich, Luxembourg, and Melbourne.

www.cip.com

 

 

Construction commenced for ‘Ariette’ Battery installation, The Netherlands

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Eurus and its contractors have started the construction of the ‘Ariette’ battery project. This battery energy storage system (BESS) is jointly developed and owned by Eurus Energy Europe BV and Toyota Tsusho Europe SA.

It comprises of a containerised installation, with a capacity of 1 MW and 2.5 MWh. The BESS will be co-located with the Eurus-owned ‘Windpark Mondriaan’. This wind farm has a total installed capacity of 38.7 MW and is located in the province of Groningen, The Netherlands. By sharing a grid connection with the windfarm, the BESS makes optimal use of existing infrastructure. It will be employed to provide various services to grid operators, and to mitigate energy imbalance on the electricity grid.

The system will be taken into operation in the second quarter of 2024.

Outline of the Project

Project name Ariette Battery Energy Storage System
Location Farmsum, Groningen, The Netherlands
Rated power 1 MW
Capacity 2.5 MWh
Contractors Alsema / Koninklijke Sjouke Dijkstra

Eurus advances ‘Oosterhorn Hydrogen’ project in The Netherlands

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Groningen, 11-10-2023 – Eurus Energy Europe B.V. (’Eurus’), a group company of Eurus Energy Holdings,  has achieved a pivotal milestone in its mission to produce sustainable energy.The company has secured permits to build a 20 MW electrolyser facility, a crucial step towards green hydrogen generation for the chemical industry cluster near Delfzijl in the province of Groningen, The Netherlands. The project is finalizing its design and contracts and anticipates an investment decision in 2024. Commercial operations are targeted to start in 2025, positioning it among the pioneering green hydrogen initiatives in The Netherlands.

The facility will integrate seamlessly with existing renewable energy infrastructure, such as the nearby Eurus-owned Windpark Mondriaan. The installation is designed to produce carbon-neutral hydrogen as a feedstock for local industries, while mitigating congestion on the local electricity grid.

Following the Oosterhorn project, Eurus is poised to develop subsequent green hydrogen initiatives in The Netherlands and beyond. Koji Tsuchimoto, Managing Director of Eurus Energy Europe, stated, “This facility underscores our commitment to innovation and sustainability, as we aspire to be at the forefront of renewable hydrogen generation.”

Eurus specializes in developing, investing in, and operating renewable energy projects worldwide. With over 30 years of expertise in onshore wind energy, the company aims to leverage this experience for the expansion of energy storage and electrolyser capacity. Amsterdam and Groningen-based Eurus Energy Europe B.V. is a subsidiary of Eurus Energy Holdings Corporation, which is wholly owned by Toyota Tsusho Corporation.

For more information, please visit https://www.oosterhorn-hydrogen.com

End of Press Release