Malagasy tycoon Hassanein Hiridjee’s Axian Group commits to $6-billion Actis energy fund

Axian Group, controlled by Malagasy tycoon Hassanein Hiridjee, has announced its subscription to Actis Energy 5, a $6-billion fund established by Actis to back energy transition opportunities.

Axian Group is a pan-African conglomerate based in Madagascar. It maintains active operations in the real estate, telecom, finance and energy industries in six countries across the Indian Ocean and African continent.

Axian’s capital commitment through its energy cluster, Axian Energy, highlights its environmental, social and governance commitments, which are a core component of its investment strategy.

The subscription to Actis Energy 5 aligns with the group’s pledge to support companies in the energy industry and developing markets.

Hassane Muhieddine, CEO of Axian Financial Services, a subsidiary of Axian Group, said: “Our subscription to Actis Energy 5 further demonstrates our advocacy for positively impactful investments that help along with the global energy transition, while obeying the principle of energy inclusion.”

Axian is the top solar-energy producer in Madagascar. Earlier this year, the group announced plans to double the size of a 20-MWp solar power plant in the Ambatolampy solar field in Madagascar.

The project will see the group increase the plant’s capacity to 40 MWp, while providing a 5-MWh battery storage capacity.