Finergreen supports the first utility-scale hybridization project in Madagascar
30 Aug 2021

Finergreen is pleased to have supported Lidera Green Power (a partnership between Filatex Group and Dera Energy) in the structuring and fundraising of a convertible bridge loan of $6m provided by REPP.

Lidera Green Power plans to install a total capacity of 42 MW of solar PV to hybridize three HFO (Heavy Fuel Oil) plants in Madagascar. This fundraising enables Lidera Green Power to finance the first phase of 5.6 MW and provide a proof of concept to enable the non-recourse financing and construction of the second phase.

As of today, the developer has installed a 2 MW PV solar plant in Toamasina and a 1.25 MW of solar PV panels in Mahajanga; both plants were inaugurated by the Malagasy President, Andry Rajoelina. Construction is ongoing in Antsiranana to install a further 2.4 MW at a third plant. The second phase is expected to begin in Q2 2022, bringing the total capacity installed to 10MW, 12MW and 20MW at Antsiranana, Mahajanga and Toamasina, respectively.

We are proud to support the first utility-scale hybridization project in Madagascar where 75% of the power is generated from non-renewable sources, and where the electrification rate remains around 15%.