Increasing access to electricity through solar energy solutions
Launch of an energy access fund in Madagascar
A fund dedicated to access to renewable energies, of USD 40 million was initiated by the government of Madagascar, with financing from the World Bank. Bamboo Capital Partners ("Bamboo"), the platform specializing in impact investing, has been appointed as the manager of the Off-Grid Market Development Fund, "OMDF" or "the Fund". Société Générale Madagasikara will host the OMDF funds and provide funding.
This fund aims to increase access to electricity through off-grid solar energy solutions, ranging from solar lights to entry-level solar home systems (SSDs). At the same time, OMDF offers credit solutions to distributors and financial institutions active in the off-grid solar sector.
A potential market of 2.5 to 5 million households
In 2020, it is estimated that less than a quarter of the Malagasy population has access to electricity. The rural areas of the country are electrified in an unfair manner, with an electrification rate of around 5%. Madagascar represents a potential market of 2.5 to 5 million households for entry-level solar lamps and solar home systems.
The Fund will target companies that provide Malagasy households with quality products with VeraSol / Lighting Global certification.
Zdenek Metelak, Managing Director of Société Générale Madagasikara said: "Société Générale Madagasikara and Societe Generale group are extremely honored to contribute to this initiative. This large-scale project fits perfectly with our commitment to the development of renewable energies which is part of the Grow With Africa program of Societe Generale group. We are thus committed to energy operators who support renewable energy projects and support the energy inclusion of populations. "