Republic of Tunisia/Reinsurance for solar photovoltaic power project - Collaborative project with MIGA -

Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Atsuo Kuroda) has decided to underwrite reinsurance from the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group for the investments by a group company of the Toyota Tsusho Corporation, AEOLUS SAS, in two solar photovoltaic power projects in the Republic of Tunisia (together, the Project). The Project will be jointly implemented by a Norwegian company Scatec ASA.

NEXI has been collaborating with MIGA by providing insurance to promote investment or financing for projects involving Japanese companies¹. The cooperation has been further enhanced through a Cooperation Agreement concluded in 2020 intended to encourage investment in developing countries². This is the first project since the renewal of agreement in May 2024³.

The Project will engage in solar power business in Tunisia through a local joint venture cofounded by AEOLUS SAS and Scatec ASA group. NEXI will underwrite reinsurance for investment made by AEOLUS SAS.

The Project is in line with the Plan Solaire Tunisien, which the Tunisian government formulated in 2010 (and revised in 2015 and 2022) to strengthen energy security, enhance economic resilience and protect environment, and therefore will contribute to both the country’s sustainable growth and the quality growth advocated in the Tokyo International Conference on African Development (TICAD). The Project will also assist with Tunisia’s decarbonization efforts due to its expected contributions towards expanding electricity generation from renewable sources and increasing the share of solar photovoltaic generation, part of the objectives listed in the energy transition strategy for 2030 formulated by the Tunisian government in 2022.

NEXI, as a governmental financial institution of Japan, will continue to actively support Japanese companies in developing their business in Africa and playing a key role in achieving decarbonization overseas.

Contact:
Overseas Investment Insurance Underwriting Group I
Underwriting Department
Tel: +81-(0)3-3512-7668

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