EDF, AXIAN, Africa50 Seal Madagascar Deal

Key Figures & Findings: EDF Renewables, a global leader in low-carbon energy and France’s largest utility company, through its CEO Béatrice Buffon, has signed a tri-party agreement with AXIAN Group and Africa50 to co-develop the 120MW Volobe hydropower plant in Madagascar. The deal was formalized during French President Emmanuel Macron’s state visit, signaling strong diplomatic and financial alignment. EDF will oversee technical execution, drawing on its seven decades of experience in hydropower infrastructure. AXIAN, a diversified pan-African conglomerate based in Madagascar, will bring strategic local presence and a multi-sectoral investment portfolio across energy, telecoms, and real estate. Africa50, an infrastructure investment platform, will provide catalytic financing and project development expertise. The project company, Compagnie Générale d’Hydroélectricité de Volobe (CGHV), will be co-owned by EDF and AXIAN (37.5% each), with Africa50 holding 25%. The Malagasy government backs the initiative and includes World Bank guarantee support, demonstrating strong multilateral engagement.

Statistics & Insights: The Volobe hydropower plant near Tamatave is expected to produce 750 GWh annually, which is approximately 30% of Madagascar’s current electricity output. Once operational, it will supply power to around two million people via the national utility JIRAMA.

Future Implications: If construction proceeds on schedule, the Volobe dam could help Madagascar meet key energy access and decarbonization goals by 2030. The project may also position the country as a regional model for PPP-driven clean energy development.

Source: Wind Insider