GuarantCo and African Guarantee Fund provided GreenYellow with a credit guarantee of MGA 33 billion (c. EUR 7.1 million) with a nine-year tenor to a syndicate of local banks to finance a 20 MW solar plant extension alongside a 5 MW solar battery storage system in Ambatolampy, Madagascar.
Société Générale Madagasikara acted as the main lender. GuarantCo provided a guarantee of MGA 23.6 billion (EUR 5 million) and AGF a guarantee of MGA 9.4 billion (EUR 2 million). This is the second phase of an existing 20 MW solar power plant operation that GuarantCo and AGF helped refinance in 2020.
The project will provide improved electricity access to around 285,000 people supporting SDG 7 and reduce emissions by 28,000 tonnes of CO2 through the displacement of thermal power supporting SDG 13. Only 27 percent of the population have access to electricity with considerable disparity between urban (79 percent) and rural (8 percent) areas.