A consortium made up of MCB Group Limited and Omnicane Limited has launched an investment vehicle dedicated to the financing of renewable energy projects.
According to a statement shared with Business Post, the vehicle is designed to finance regional investments in solar, hydro, and wind powered projects in Mauritius and the African region
The first project financed by the consortium is the development of a 4.8 MW photovoltaic plant in Poudre d’Or, located in the north of the island. The project is currently under construction and will be operated under the Medium-Scale Distributed Generation (MSDG) Scheme of the Central Electricity Board (CEB), the national electricity company.
The project comprises two solar farms, with connection agreements signed between CEB and two prosumers, namely MCB and Omnicane Milling, in collaboration with Calycé International. Built by Ecoasis Energy Solutions Limited, a Mauritian contractor, the plant will feature around 8,200 solar panels across four hectares of land and is expected to reduce CO₂ emissions by approximately 7,000 tons per year, with commissioning expected by April 2026.
The solar farms will integrate Agrivoltaic practices that promotes food security objectives. The launch phase has been financed through funds advanced by the shareholders and a Green Bond issued in accordance with the International Capital Markets Association (ICMA) principles. MCB Financial Advisers, the advisory arm of MCB Group, structured the financing and acted as Transaction Advisor to the investing consortium.
The companies disclosed that the initiative shall contribute directly to MCB Group’s goal of reducing CO₂ emissions associated to its electricity consumption. The project, which will result in MCB Group and Omnicane generating approximately 7,700 MWh of renewable energy each year, underscores the partners’ commitment to supporting the Government of Mauritius’ target of achieving 60 per cent renewable energy in the national electricity mix and phasing out of coal by 2035.
Also, the partnership shall benefit from the expertise of Omnicane, a key player in the local energy sector, with a presence in East Africa through its 5.5 MW hydro power plant, of Calycé, a French renewable energy developer with over two decades of experience in designing, building, and operating solar and wind projects across Europe, and of MCB Group, a leader in structuring and financing renewable energy projects.
Speaking on the development, Mr Jacques M. d’Unienville, CEO of Omnicane Limited, commented, “We are very proud of this partnership with MCB Group and Calycé, and closing this first project. This paves the way for an impactful solution enabling the deployment of renewable energy projects in Mauritius and in the region.”
Mr Eric Boban, CEO of Calycé, commented: “We are very excited about this long-term collaboration with our partners, MCB Group and Omnicane. Mauritius is key to our international expansion in renewable energies for its excellent governance framework and ease of doing business”
Mr Rony Lam, Chief Executive Officer of MCB Capital Markets, commented, “This consortium brings together the skills and capabilities of a power producer, renewable energy specialist and financier in crystallising a carbon-avoidance project. The transaction demonstrates MCB’s commitment to investing in renewable projects and contributing to the energy transition of Mauritius.”