By: Bunmi Yekini
MCB Group Ltd and Omnicane Ltd have launched a new investment vehicle to finance renewable energy projects in Mauritius and the wider region, beginning with a 4.8 megawatt solar power plant now under construction in the north of the island.
The first project, located in Poudre d’Or, will operate under the Central Electricity Board’s Medium-Scale Distributed Generation scheme and is expected to be commissioned by April 2026, the companies said.
“This paves the way for an impactful solution enabling the deployment of renewable energy projects in Mauritius and in the region,” said Jacques M. d’Unienville, chief executive of Omnicane Ltd.
The photovoltaic development comprises two solar farms spread across four hectares, featuring about 8,200 panels. Built by local contractor Ecoasis Energy Solutions Ltd, the plant is expected to cut carbon dioxide emissions by around 7,000 tonnes annually and generate about 7,700 megawatt-hours of renewable electricity each year for MCB Group and Omnicane.
The project includes agrivoltaic practices, combining solar power generation with agricultural use of the land to support food security objectives, the partners said.
Financing for the launch phase was provided through shareholder funds and a green bond issued in line with International Capital Markets Association principles. MCB Financial Advisers structured the transaction and acted as adviser to the consortium.
Rony Lam, chief executive of MCB Capital Markets, said the partnership brought together complementary strengths. “This consortium brings together the skills and capabilities of a power producer, renewable energy specialist and financier in crystallising a carbon-avoidance project,” he said. “The transaction demonstrates MCB’s commitment to investing in renewable projects and contributing to the energy transition of Mauritius.”
The investment vehicle is designed to fund solar, hydro and wind projects across the region, aligning with the Mauritian government’s goal of raising renewables to 60% of the national electricity mix and phasing out coal by 2035.
Eric Boban, chief executive of French renewable energy developer Calycé, said Mauritius was central to the company’s growth plans. “Mauritius is key to our international expansion in renewable energies for its excellent governance framework and ease of doing business,” he said.
Omnicane, a major player in Mauritius’ energy sector, currently generates about a quarter of the country’s electricity and operates renewable assets locally and in East Africa. MCB Group, the island’s largest banking and financial services group, said the initiative would also help reduce emissions linked to its own electricity consumption.
The partners said the Poudre d’Or project is intended to serve as a model for future renewable investments in Mauritius and beyond.