OPEC Fund signs US$15m loan to improve energy access in Madagascar

MADAGASCAR – The OPEC Fund for International Development (the OPEC Fund) has signed a US$15 million public sector loan agreement with Madagascar to co-finance the second phase of a project that will improve energy access in rural areas. The finance will be used for Madagascar’s ‘Integrated Growth Poles Energy Access Enhancement Project (Phase 2)’, which will install solar nano-networks, power lines and street lighting in isolated communities in the Diana and Atsimo-Andrefana regions. In addition, the project will improve 43 kilometre of roads and tourist sites on the small island…

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Solar energy start-up Jirogasy in fundraising push to finance its solar computer and expansion in East Africa

MADAGASCAR – After the successful launch of its solar computer Jirodesk II, Malagasy company Jirogasy, has joined the Seedstar and Shell Foundation’s acceleration program to open a fundraising round.  Jirogasy, the first company to manufacture connected objects and solar kits “made in Madagascar” for e-health and e-education, has been deploying its new generation solar computer Jirodesk II for a month now. The computer is more autonomous, compact, equipped with a GPS, a data feedback box and adaptable to remote maintenance. The local innovation, the fruit of a team of 100%…

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Jirogasy inks deal with Aceleron for solar powered computers in Madagascar

MADAGASCAR – Jirogasy, a Madagasy company which designs and manufactures solar-powered computers, has signed a partnership with Aceleron, a supplier of batteries made from the waste of solar lanterns and lithium-ion batteries to equip rural schools in East Africa with solar-powered computers. The two companies aims to improve digital access and literacy in schools and rural areas in Africa. Jirogasy will bring Jirodesk 2, a computer that was designed and produced by the young company in Madagascar to this partnership. Running entirely on solar energy, Jirodesk 2 is designed mainly…

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Madagascar reaches deal with IMF for US$320m financing

MADAGASCAR – The government of Madagascar has reached a staff-level agreement with the International Monetary Fund (IMF) for the disbursement of US$320 million to support the country’s economic reforms. In an official statement, the Fund said the new deal is an Extended Credit Facility set up to assist the country in the implementation of its economic reforms whose  goal is to support the post-Covid-19 recovery, improve and sustain inclusive growth and reduce poverty. Last year, Madagascar suffered an economic decline of more than 4% due to the harsh blow to the…

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Terra Mauricia and Kibo Fund consortium exit Orange Madagascar

MADAGASCAR – After ten years supporting Orange’s growth on the Malagasy market, a consortium of minority investors led by Terra Mauricia and Kibo Fund divested in January 2021 its 16% stake in Orange Madagascar. The earliest operator in the Malagasy telecom market, Orange has become a dominant player in voice and data services for both individuals and businesses, and a leading financial service provider with its subsidiary Orange Money Madagascar. From 2005 to 2010, the company became the market leader with more than 2 million subscribers and maintains a 60%…

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AfDB approves US$42.9m loan to finance second phase of power transmission project in Madagascar

MADAGASCAR – The African Development Bank (AfDB) has approved a US$42.9 million loan to finance the second phase of a major power transmission and interconnection project in Madagascar. The Power Transmission Network Reinforcement and Interconnection Project in Madagascar (PRIRTEM-II) includes the construction of a 135-km, 220 kV interconnection line between the capital Antananarivo and the central industrial city of Antsirabé. The project will help to feed the power generated by the Sahofika Hydropower Plant into the national grid, supplying some 8 million people with affordable, clean energy. The financing comprises…

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World Bank, Bamboo Capital launch US$40m energy access fund for Madagascar

MADAGASCAR – Government of Madagascar and the World Bank have appointed the impact investing platform, Bamboo Capital Partners (Bamboo) as the international fund manager for the Off-Grid Market Development Fund (OMDF or the Fund), a US$40 million renewable energy access fund. OMDF was established in April and launches its financing operations with a first window for proposals for results-based financing (RBF) from 28 October to 8 December. Similarly, OMDF will also provide debt financing to solar distributors and financial institutions that finance end-customers or solar distributors in Madagascar. Société Générale…

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France’s Akuo energy and Enelec install 44 containerised PV solar units in Madagascar

MADAGASCAR – French renewable energy producer Akuo Energy has commissioned 44 mobile solar units in the port city of Tuléar, south of Madagascar. The project is being implemented in partnership with Enelec, the energy unit of Madagascar-based renewable energy group Filatex. The 44 containerised units have a production capacity of 2.9 MWp. New clean energy technologies are helping Madagascar in its electrification process and the large island is thus benefiting from the new Solar GEM®️. The mobile containerised units were pre-assembled by Akuo Energy, a French producer of renewable energy.…

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SEforALL launches mini-grid funding facility in Sierra Leone and Madagascar

MADAGASCAR – The Universal Energy Facility, a results-based financing facility managed by Sustainable Energy for All (SEforALL), is now officially open with its first wave devoted to supporting mini-grid deployment in Sierra Leone and Madagascar. Companies seeking results-based finance for mini-grid projects in Sierra Leone and Madagascar can now apply for pre-qualification to the facility. Under this scheme, the Universal Energy Facility will disburse $3 million in grant payments to deliver over 6,900 electricity connections based on a results-based incentive of $433 per electricity connection. SEforALL, in collaboration with several…

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Impact investor I&P invests in Malagasy agro-food processor Soafiary

MADAGASCAR – Malagasy agro-food processor, Soafiary, has clinched an investment from impact investment group, I&P through its I&P Afrique Entrepreneurs 2 (IPAE 2) fund, to enable it pursue its development strategy. IPAE 2 is pursuing an active pace of investment, targeting start-ups and SMEs in the development phase in sub-Saharan Africa, requiring financing of up to €3 million (US$3.5m). Founded in 2006 by the Malagasy promoter Malala Rabenoro, Soafiary specializes in the sourcing, processing and commercialization of cereals (maize, rice) and leguminous plants (beans, cape peas, lentils, soybeans) for local and…

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