Groupe Filatex Consolidates Its Market Share As the Leading Energy Producer In Madagascar
ANTANANARIVO, Madagascar, 07 February 2022 – Groupe Filatex, a leading African energy company based in Madagascar, announces today a major deal with Symbion Power, New York-based Independent Power Producer, operating in the Middle East, Asia and Africa.
The agreement entails the acquisition of Symbion Power’s 40MW heavy fuel oil (HFO) power plant in Antananarivo – to be hybridised by Groupe Filatex.
The purchase will add 40MW to the Groupe Filatex portfolio, which further enhances its position as the country’s leader in private energy production.
This transaction is part of Groupe Filatex’s continued efforts to carry out its green strategy in Madagascar, through the implementation of renewable solutions that the Symbion portfolio will bring over time.
Delivering its aim to develop solutions which improve electricity access for communities in rural areas and support sustainable development in the continent, the Groupe Filatex intends to hybridise this power plant, offering Madagascar’s population a further source of reliable, clean energy.
The hybrid energy system will supply power continuously with high efficiency and low maintenance, ensuring there is no waste of excess energy generated. Once hybridised, the 40MW power plant will provide new renewable electricity to roughly 60,000 homes, resulting in improved living conditions with more reliable electricity to contribute to consistent education, hospital care and a safer working environment.
Mr Hasnaine Yavarhoussen, Chief Executive Officer of Groupe Filatex, said:
“This is an important deal allowing Groupe Filatex to increase electricity access, pursuing our goal of supporting local development and helping Madagascar reach its sustainable development goals. “Groupe Filatex is proud to play a part in supporting our Government’s ambitious plans to extend access to energy to 70% of the population by 2030. This is hugely significant considering around 85% of Malagasy people currently do not have access to energy, and total generation capacity is only about 570MW. The Group is geared up to expand its green related investments and support its international partners to grow Madagascar’s economy in a sustainable manner.”
About Groupe Filatex:
Groupe Filatex, founded in 1979, is a leading renewable energy, real estate and free zones business based in Madagascar. The company’s approach is to harness Madagascar’s rich natural resources and talent to support sustainable development. Groupe Filatex invests in projects across the country and are now exporting their expertise to the rest of Africa and around world. For more information, please visit: https://groupe-filatex.com
About Symbion Power:
An independent international power developer that takes a unique approach to delivering electrical infrastructure projects. Symbion power is an established presence throughout sub-Saharan Africa and one of the leading private sector partners for United States President Barack Obama’s Power Africa initiative. Symbion Power had invested in the 40MW power plant in Antananarivo through their associate company Symbion Power Mandroseza. https://www.symbion-power.co