Uras Energy Holdings Participates in 100,000 kW Solar Power Plant IPP Project, Third in Tunisia

Uras Energy Holdings Inc. (Headquarters: Chiyoda-ku, Tokyo; President: Tetsuya Suwabe; hereinafter "the Company") will participate in its third solar power plant IPP (Independent Power Producer) project in the Republic of Tunisia (hereinafter "Tunisia") through its joint venture company AEOLUS SAS (hereinafter "Aeolus") with France's CFAO SAS.

This project involves the construction, ownership, and operation of the solar power plant "Sidi Bouzid II Solar Plant" (Grid connection capacity: 100,000 kW / 120,000 kWp*1) in the Sidi Bouzid Governorate of Tunisia. The project will be promoted through a project company in which Aeolus and Norway's renewable energy developer Scatec ASA (hereinafter "Scatec") will each hold a 50% stake. Commercial operation is scheduled to commence in the latter half of 2027, and electricity will be supplied based on a 25-year power purchase agreement with the Tunisian Company of Electricity and Gas (STEG).

Financing for the total project cost of approximately 96 million euros will be secured through project finance, including loans from the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). This project also receives support from the European Union (EU). In addition to the application of the "European Fund for Sustainable Development Plus (EFSD+) Guarantee Scheme" for the loans, a subsidy of 5.5 million euros will be provided from the "Neighbourhood Investment Platform (NIP)" for related transmission infrastructure.

Furthermore, this project has been selected for the FY2024 "Financing Program for JCM Projects (Equipment Subsidies)" implemented by the Ministry of the Environment.

Aeolus also receives investment insurance for its equity stake from the Multilateral Investment Guarantee Agency (MIGA)*3.

Through Aeolus, the Company has previously promoted two solar power plant projects in Tunisia (totaling 100,000 kW): "Sidi Bouzid Mezzouna PV Power" and "Tozeur PV Power." Upon completion of this project, the total capacity of the three sites in the country will reach 200,000 kW.

The Tunisian government aims to transition away from energy import dependence and achieve decarbonization, with a goal of converting 35% of its total power generation to renewable energy by 2030. By promoting renewable energy generation in Tunisia, the Company will contribute to the realization of the Tunisian government's goals and economic development.

Through Aeolus, the Company Group will promote the spread of clean and low-cost renewable energy in Africa, and will continue to work on further expansion of wind and solar power generation, contributing to the preservation of the global environment and the creation of a sustainable society.

*1 Watt peak. The maximum DC output power of a solar cell module.

*2 The "Financing Program for JCM Projects (Equipment Subsidies)" aims to reduce greenhouse gas (GHG) emissions by utilizing excellent decarbonization technologies in partner countries, measuring, reporting, and verifying GHG emission reductions, issuing JCM credits, and contributing to Japan's GHG emission reduction targets. Subsidies are provided for the introduction of decarbonization equipment, up to half of the initial investment cost. This project is implemented in cooperation with the Tunisian government and the Japanese government.

*3 An agency of the World Bank Group that provides guarantees to promote foreign direct investment (FDI) by investors.

[Power Plant Overview]

Power Plant Name

Sidi Bouzid II Solar Plant

Project Company Name

SCATEC KHOBNA PV POWER SARL

Location

Sidi Bouzid Governorate, Central Tunisia

Business Description

Solar power generation and electricity sales business

Shareholding Ratio

Scatec: 50%, Aeolus: 50%

Grid Connection Capacity

100,000 kW (120,000 kWp)

Purchaser of Electricity

Tunisian Company of Electricity and Gas (STEG)

Total Project Cost

Approx. 96 million euros

Lending Banks

European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB)

Commercial Operation Start

Latter half of 2027 (scheduled)

[Power Plant Location]

[Company Overview]

Company Name

AEOLUS SAS

Establishment

March 13, 2024

Location

French Republic

Representative

President Hideharu Toba

Business Description

Renewable energy business

Shareholding Ratio

CFAO: 50%, Uras Energy Holdings: 50%