Axian Group and GreenYellow begin expansion works on Ambatolampy solar power plant in Madagascar

MADAGASCAR – As part of the promotion of renewable energy in Madagascar, JIRAMA, a state-owned electric utility and water services company and Green Yellow Madagascar, have agreed to further expand the Ambatolampy, the biggest solar power plant in the Indian Ocean in order to increase its capacity from 20 to 40MWp as well as providing for a 5MWh of battery.

The power utility says that this expansion allows a significant reduction of its production costs within the framework of its recovery plan while supporting its renewable energy objectives.

As for GreenYellow Madagascar, they are looking forward to beginning work for this second phase in June 2021 and expects commissioning by the end of this year 2021.

The signing of the agreement on the expansion and the commissioning was prompt thanks to the conviction of GYM’s shareholders, namely the Axian Group and Green Yellow, who provided the necessary means for this investment of more than 17 million euros.

The project’s finance partners, Société Générale, GuarantCo, the guarantee division of the Private Infrastructure Development Group (PIDG) and the African Guarantee Fund, alongside the BMOI and BNI Madagascar, contributed to the first phase of the project.

For this phase they renewed their expression of interest for a financial participation, thus demonstrating their confidence in the project’s sponsors and in Madagascar.

Green Yellow Madagascar is a joint venture owned by Axian Group (51%) and Green Yellow (49%). Hassanein Hiridjee, CEO of the Axian Group:

“The expansion of the Ambatolampy power plant is fully in line with our objectives to increase access to energy to the Malagasy people by means of clean, sustainable and affordable energy. The Axian group, through its wholly dedicated entity, Axian Energy, works to accelerate the energy transition each day and today, it is our pride to be able to implement this project in an extremely short timeframe, given the current sanitary constraints we are experiencing for about a year. It was a real challenge, Otmane Hajji, CEO of GreenYellow, said.

“The expansion of the Ambatolampy power plant will allow GreenYellow and Axian to deepen their collaboration and finance the development of future renewable energy projects in Madagascar

Otmane Hajji – CEO, GreenYellow

He added that this project extends GreenYellow’s strong presence in Madagascar and the Indian Ocean, where they are already the leading producer of photovoltaic energy.

The expansion of the Ambatolampy power plant will also allow GreenYellow and Axian to deepen their collaboration and finance the development of future renewable energy projects in Madagascar

GreenYellow

For 14 years, GreenYellow has become a major player in the energy transition in France and abroad and a trusted partner for companies and local authorities in this field.

As an expert in solar photovoltaic production, energy efficiency projects and energy services, GreenYellow offers its customers a unique and global platform to make their energy transition a successful and engaged achievement.

As of March 2021, GreenYellow has developed 355 MWp of photovoltaic capacity, of which 184 MWp is equity owned, and nearly 2,600 energy efficiency contracts for a volume of 855 GWh per year – of which 511 GWh is equity owned and was managing more than 2.9 TWh of energy for its customers.

The company operates in 16 countries on 4 continents and has more than 500 employees worldwide.

Axian is a pan-African group that operates in 5 industries with high growth potential, namely real estate, telecoms, finance, energy and open innovation and operates in 6 countries across mainland Africa and the Indian Ocean and acts in furtherance of social and economic growth in all markets where the group has a foothold.

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