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AXIAN Group, the Malagasy-based pan-African conglomerate headed by renowned businessman Hassanein Hiridjee, has successfully finalized an agreement to acquire solar assets in Madagascar and Burkina Faso from French independent power producer, GreenYellow.
Under the terms of the agreement, AXIAN will acquire minority shares from GreenYellow in joint ventures in Madagascar. Notably, this includes a stake in the Ambatolampy solar power plant, the largest in the Indian Ocean with an impressive capacity of 40MWp and 5MWh of battery storage.
This acquisition follows AXIAN’s collaboration with GreenYellow a year ago, which brought a groundbreaking 1.8MW solar photovoltaic power plant to Madagascar’s Sava region.
AXIAN expands Influence in West Africa with 95-percent stake in Burkina Faso power plant
AXIAN Group is also making significant inroads in West Africa through the acquisition of a 95-percent stake in a 30MWp power plant in Burkina Faso’s Nagreongo. This move aims to provide energy access to more than 100,000 people, marking a substantial contribution to the region’s power infrastructure.
Headquartered in Madagascar, AXIAN Group operates in real estate, telecommunications, finance, and energy sectors across six countries. Under the leadership of Hassanein Hiridjee, the conglomerate has become Madagascar’s top energy producer, demonstrating a commitment to socio-economic progress and renewable energy accessibility.
Over the next three years, AXIAN plans to develop 500MW of renewable energy in Africa. This strategic objective aligns with the conglomerate’s dedication to promoting clean and affordable energy across the continent, contributing to sustainable development goals.
GreenYellow’s strategic realignment and collaborative efforts toward renewable energy solutions
GreenYellow, known for its role in renewable energy solutions, views the transfer of solar assets to AXIAN as a strategic realignment aimed at maximizing operational efficiency. The choice of AXIAN as the acquirer reflects a successful partnership and the trust placed by GreenYellow in AXIAN to continue fostering Africa’s development.
The partnership between AXIAN and GreenYellow exemplifies collaborative efforts in advancing renewable energy solutions to address Africa’s evolving energy landscape. The acquisition of solar assets in Madagascar and Burkina Faso further solidifies AXIAN’s position as a leading proponent of sustainable development and responsible investment in Africa.
