- GreenYellow Madagascar obtains a €7.1 million credit guarantee from GuarantCo and the African Guarantee Fund (AGF) for installing an electricity storage system in the Ambatolampy solar park.
Ambatolampy solar power plant developer, GreenYellow Madagascar has obtained a 33 billion ariary (€7.1 million) guarantee from the African Guarantee Fund (AGF) and GuarantCo, a company of the Private Infrastructure Development Group (PIDG). The warranty covers the Ambatolampy solar PV power plant’s storage system installation. The plant’s capacity was recently expanded from 20 to 40 MWp.
The solar park’s planned storage system will have a 5 MWh capacity. GuarantCo is providing a guarantee of 23.6 billion ariary (€5 million) and 9.4 billion ariary (€2 million) from AGF as part of the deal handled by the Malagasy subsidiary of the French bank Société Générale. The power storage system will stabilize the grid of Jiro sy Rano Malagasy (JIRAMA), the state-owned firm that purchases the electricity generated by the Ambatolampy solar photovoltaic facility.
GuarantCo and AGF contributed a guarantee worth 51.7 billion ariary, or €10.6 million, to the solar plant expansion project.
For the record, the Ambatolampy solar power plant is 51% owned by the Malagasy group Axian and 49% by GreenYellow, a subsidiary of the French group Casino. The first phase of the solar plant was built on a 28-hectare site in the Vakinankaratra region. The plant was refinanced in 2020 in a deal involving the commercial bank Société Générale, GuarantCo and AGF.