Africa50 to develop hydropower project with new partners
Africa50 has announced a joint partnership with colas, Jovena (Axian Group) and SN Power to develop a hydropower plant in Madagascar.
“We are pleased to work alongside the Axian Group and SN Power in this strategic project which seeks to improve the lives of the Malagasy people while also supporting the implementation of the government’s socio-economic development agenda. Africa50’s expertise enables to accelerate the execution of such projects to help tap Africa’s vast hydropower potential,” commented Alain Ebobissé, CEO of Africa50.
The project will consist of a 120MW hydropower plant being constructed and operated on the Invodro river under a 35-year concession. THe porject is expected to be commissioned by 2023.
In addition to the plant, transmission lines will be constructed and access roads will be refurbished as well as infrastructure for the neighbouring villages.
Under the agreement signed in Paris, the partners have agreed to co-develop the plant by acquiring equity in Compagnie Générale d’Hydroélectricité de Volobe (CGHV), the shareholding will be comprised of Jovena (40%), Africa50 (25%), SN Power (25%) and Colas (10%).
During the project, Jovena, will provide institutional support, while Africa50, will bring project development and finance expertise. Additionally, SN Power, will offer its technical and operational knowledge on hydropower infrastructure and Colas, will provide its expertise of major infrastructure construction in Madagascar.
This priority project aims to provide reliable and affordable access to electricity for over two million people, contributing to the country’s transition towards renewable energy as well as reducing the cost of electricity to the end user.
In addition, the project is expected to create up to 1,000 direct jobs during construction.
“We are proud today to partner with Colas, SN Power and Africa50, through Jovena, to deliver a project as decisive as the Volobe hydroelectric plant. At Axian, our activities are guided by our commitment to deliver positive impact that will improve the lives of the greatest number of people. We believe that access to energy is a fundamental right, and this drives our ambition to provide electricity to virtually the entire island, while protecting our planet and thus offering clean, sustainable and renewable energy.” Commented Hassanein Hiridjee, CEO of the Axian Group at the signing.
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