Africa50 Announces Plans to Invest In Madagascar’s Power Sector at the African Union Summit
Addis Ababa, 13 February 2019 - At the AU Summit in Addis Ababa, Africa50, the pan-African infrastructure investment platform, announced that it will support power generation projects in Madagascar, one of its shareholder countries.
During an audience with His Excellency Andry Rajoelina, President of Madagascar, the Chief Executive Officer, Alain Ebobissé assured him of Africa50’s commitment to support the country’s efforts to significantly expand electricity access. Africa50 is evaluating the opportunity of developing a hydropower project that would increase Madagascar’s power generation while reducing electricity costs. “Energy is a priority for Madagascar’s social and economic development. We will use our expertise in project development and financial structuring and leverage competitive loans from development finance institutions to bring such projects to fruition”, he said.
President Rajoelina welcomed Africa50’s pledge, noting that power generation remains a challenge and that speed in execution is critical. “Despite its vast natural resources, Madagascar’s total power generation capacity stands at only 400 MW, so our electricity costs are among the highest in Africa. One of our priorities is to develop our capacity to produce affordable power to boost industrial growth, economic diversification, and job creation”, he said. He added that his government is seeking experienced partners to collaborate on public-private-partnerships to double or triple power generation within the next five years using a combination of renewables and conventional sources. In the near future, the Africa50 delegation and the Rajoelina administration will discuss the next steps for these investment opportunities.
Energy was the focus of discussions Africa50 executives had with country delegations on the margins of the Summit. Earlier in the week, Mr. Ebobissé had the honor to meet with HE Alpha Condé, President of the Republic of Guinea, and HE Sassou Nguesso, President of the Republic of Congo.
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