MADAGASCAR: €7m guarantee for Ambatolampy solar park storage system | Aici

News about the Ambatolampy solar power plant in Madagascar. Its developer GreenYellow Madagascar received a guarantee of 33 billion ariary (7.1 million euros) from the African Guarantee Fund (AGF) and GuarantCo, a company of the Private Infrastructure Development Group (PIDG). The guarantee includes the financing of the installation of the energy storage system of the Ambatolampy solar photovoltaic power plant, whose capacity has recently been increased from 20 to 40 MWp.

The storage system envisaged for the solar park will have a capacity of 5 MWh. As part of the operation organized by the Malagasy subsidiary of the French bank Société Générale, GuarantCo is providing a guarantee of 23.6 billion ariary (€5m) and 9.4 billion ariary (€2m) from AGF. The electricity storage system will stabilize the grid of Jiro sy rano malagasy (JIRAMA), the government company that buys the electricity produced by the Ambatolampy solar photovoltaic plant.

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GuarantCo and AGF also supported the project to grow solar plants by providing a guarantee of 51.7 billion Ariary, or 10.6 million Euros. “These two transactions have had a significant impact on encouraging private sector banks to lend to solar power projects and play a major role in strengthening the capacity of these banks to finance clean energy projects that are essential to the sustainable development of Madagascar,” said Layth Al-Falaki, CEO of GuanrantCo.

For the record, the Ambatolampy solar power plant is owned by the Malagasy group Axian, and 49% by GreenYellow, a subsidiary of the French Casino group. The first phase of the solar plant has been built on an area of ​​28 hectares in Vakinankaratra district. The facility was refinanced in 2020 in a deal involving commercial bank Société Générale, GuarantCo and AGF.

Jean Marie Takouleu

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