BRED Madagasikara Banque Populaire announces that it has concluded a financing agreement with the Filatex Group for the extension and construction of two photovoltaic solar power plants with a total capacity of 4 MW, located in Tuléar and Nosy Be.
With an electrification rate limited to about 33%, Madagascar faces a strong dependence on thermal power, especially heavy fuel oil (HFO) and diesel (LFO). In this context, the development of renewable energies is a priority. This financing contributes concretely to achieving the Sustainable Development Goals (SDGs), in particular SDG 7 (Clean and affordable energy) and SDG 13 (Climate action).
The expected impacts of the two power plants are significant:
– Annual production: approximately 1,844 MWh in Tuléar and 5,115 MWh in Nosy Be.
– Emissions reduction: nearly 1,345 tCO₂ avoided per year in Tuléar and 3,960 tCO₂ avoided per year in Nosy Be.
– Access to energy: improvement of connection for approximately 27,000 new users.
– Providing Malagasy households and businesses with decarbonized energy while promoting employment and the development of the local economic fabric.
Thierry Charras-Gillot, CEO of BRED Madagasikara BP, stated: “By supporting these solar projects, we are helping to address one of the country’s major challenges: universal access to reliable and clean energy. This financing reflects our commitment to supporting the sustainable development of Madagascar and reducing the country’s dependence on imported fossil fuels.”
“We aim to be a leader in financing infrastructure projects in Madagascar. We are proud of our expertise in structured finance and financing key infrastructure projects.”
Hasnaine Yavarhoussen, CEO of the Filatex Group, added: “For over forty years, the Filatex Group has been working for the development of Madagascar. With the support of partners like BRED Madagasikara Banque Populaire, we are accelerating the provision of electricity in the country. In terms of energy, we choose to invest primarily in solar energy to strengthen national energy sovereignty while producing cleaner and more affordable electricity than that derived from fuel oil.”
Through this operation, BRED Madagasikara Banque Populaire confirms its role as a leader in financing infrastructure projects in Madagascar and demonstrates its expertise in structured financing.
