Axian Group, a Malagasy-based pan-African conglomerate led by multimillionaire businessman Hassanein Hiridjee, has completed the expansion of the Ambatolampy solar power plant from 20 MWp to 40 MWp.
GreenYellow Madagascar, a joint venture co-founded by the Axian Group and GreenYellow, an electricity company controlled by the Paris-based investment firm La Fonciere Euris, completed the expansion of the Ambatolampy solar power plant’s capacity.
The France-based independent power producer led by Otmane Hajji has invested more than €1.2 billion ($1.3 billion) in its clients’ facilities and installed 335 MWp of power globally.
The completion of the Ambatolampy solar power plant extension project follows the commissioning of a solar power plant in Morondava in a joint venture with Axian Group by GreenYellow. A facility with a capacity of 1.4 MWp that serves households and businesses.
GreenYellow will operate the Ambatolampy solar photovoltaic plant as a special purpose company under a joint ownership structure, with GreenYellow controlling 51 percent of the firm and Axian Group holding the remaining 49 percent.
So far, the Hiridjee-led Axian Group and GreenYellow have invested €17 million ($18.3 million) in the Ambatolampy solar photovoltaic plant expansion project.
The Ambatolampy power plant expansion is in line with Axian Group’s strategic expansion plans, as well as its energy transition strategy, which will broaden the conglomerate’s presence in the energy sector.
The move is also consistent with the goals of increasing energy access for the Malagasy people through clean, sustainable and affordable energy.
Axian Group, headquartered in Madagascar, is a pan-African conglomerate. It has active operations in the real estate, telecommunications, finance, and energy sectors in six countries spanning the Indian Ocean and the African continent.
The group has grown to become Madagascar’s leading solar energy producer under the leadership of a Malagasy multimillionaire businessman.
Nearly three months ago, the pan-African conglomerate acquired Eydon Petroleum, a Senegalese energy firm with a diverse network of gas stations.
Eydon Petroleum, founded in 2007 with private funds and led by Dakar-based businessman John Smith, has since grown into a leading player in the oil and gas network through its core operations, which include fuel distribution and associated services.