Axian secured MGA 47.1 billion ($10.9 million) to finance the growth of a 40 MW photo voltaic plant and 5 MWh storage facility right into a 60 MW PV challenge with 10 MWh storage. The set up might be Madagascar’s largest photo voltaic park when accomplished.

The Ambatolampy photo voltaic plant

Picture:
Inexperienced Yellow

Axian says it has secured funding to construct 20 MW of extra photo voltaic capability and 5 MWh of storage on the Ambatolampy solar energy station within the island nation of Madagascar.

The challenge presently contains 40 MW of PV and 5 MWh of storage and is the most important grid-connected photo voltaic plant within the Indian Ocean area, based on Axian. It’s operated by Axian and French unbiased energy producer (IPP) Inexperienced Yellow. Axian didn’t say when the expanded facility would turn out to be accessible.

The growth obtained MGA 47.1 billion in financing within the type of a credit score facility, lined by a credit score assure with a nine-year tenor. French monetary companies supplier Société Générale serves because the lead lender. UK-based GuarantCo offered a assure of MGA 23.6 billion and the African Assure Fund (AGF) provided a assure of MGA 9.4 billion.

GuraantCo and AGF have already financed the primary section of the Ambatolampy challenge in 2020. Inexperienced Yellow and Axian additionally began working one other 1.8 MW PV challenge in Antalaha, in northeastern Madagascar, in late January.

In line with statistics from the Worldwide Renewable Power Company (IRENA), Madagascar has not put in any new photo voltaic capability since 2018.

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