Madagascar Fuel Supplier Buys Majority Stake in 120 MW Plant

Madagascar’s biggest fuel distribution company acquired a majority stake in a planned 120-megawatt hydropower plant, according to a statement published by one of the project’s shareholders.

Jovena, a unit of Madagascar-based Axian Group, will take 40% shareholding in the 300 million euros project known as Compagnie Generale d’Hydroelectricite de Volobe. Africa50, a private equity fund, and SN Power AS, which is owned by Norfund AS, will each own a 25% stake and the remaining 10% will be held by Colas, according to statement on Africa50’s website.

About 23% of Madagascar population has access to electricity. The plant is expected to provide power to 2 million people and will be ready by 2023, according to the statement. Source: Bloomberg