Home » Malagasy businessman Hassanein Hiridjee’s AXIAN Group launches renewable energy subsidiary, NEA

Malagasy businessman Hassanein Hiridjee’s AXIAN Group launches renewable energy subsidiary, NEA

by Omokolade Ajayi
Hassanein Hiridjee

As part of the effort to strengthen its energy division and increase the capacity for renewable energy on the continent, AXIAN Group, a Malagasy-based pan-African conglomerate led by multimillionaire businessman Hassanein Hiridjee, has launched its clean and renewable energy subsidiary, New Energy Africa (NEA).

According to a press release obtained by Billionaires.Africa, NEA will begin operations in Madagascar and Senegal, with projects such as NEA Ambatolampyis, the largest solar farm in the Indian Ocean with 40 MW and 5mwh of batteries, and NEA Menabe and NEA Sava, which operate four innovative hybrid power plants with capacities ranging from 2 to 5MW.

The launch of NEA as AXIAN Energy’s newest subsidiary comes two months after Hiridjee, the founder and CEO of AXIAN Group, urged African business executives to invest in clean energy transitions to boost the continent’s renewable energy capability.

“We must double our commitment within Africa to increase investments to shape our own energy destiny in order to meet long-term goals,” Hiridjee said at the time, adding that with the right strategy and investment in clean energy transition projects spurred by collective action from the private and public sectors, millions of Africans could be lifted out of energy poverty.

AXIAN Group, headquartered in Madagascar, is a pan-African conglomerate with active operations in the real estate, telecommunications, finance, and energy sectors in six countries spanning the Indian Ocean and the African continent.

Under the leadership of Hiridjee, the group has grown to become Madagascar’s leading energy producer, and it is a partner in the socioeconomic change of the countries in which it operates.

Hiridjee believes that NEA, which will combine AXIAN’s operations in the renewable and clean energy sectors under AXIAN Energy, the group’s energy division, will be the immediate response to Africa’s energy emergency, and it will rely on local resources, internal expertise, and a support capacity in engineering, operation, and maintenance.

NEA will leverage the know-how and experience of its subsidiaries in the development of renewable energy projects as part of its endeavor to produce value through its operations and tackle Africa’s ongoing energy crisis, in which hundreds of millions lack access to electricity.

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