MCB Group and Omnicane launch vehicle to finance renewable energy projects in Mauritius and Africa

MCB Group Ltd and Omnicane Ltd are pleased to announce the launch of an investment vehicle dedicated to the financing of renewable energy projects in Mauritius and the region. The vehicle is designed to finance regional investments in solar, hydro and wind powered projects.

The first project financed by the consortium is the development of a 4.8 MW photovoltaic plant in Poudre d’Or, located in the north of the island. The project is currently under construction and will be operated under the Medium-Scale Distributed Generation (MSDG) Scheme of the Central Electricity Board (CEB), the national electricity company. 

The project comprises two solar farms, with connection agreements signed between CEB and two prosumers, namely MCB Ltd and Omnicane Milling Ltd, in collaboration with Calycé International. Built by Ecoasis Energy Solutions Ltd, a Mauritian contractor, the plant will feature around 8,200 solar panels across four hectares of land and is expected to reduce CO₂ emissions by approximately 7,000 tons per year, with commissioning expected by April 2026. The solar farms will integrate Agrivoltaic practices that promotes food security objectives. The launch phase has been financed through funds advanced by the shareholders and a Green Bond issued in accordance with the International Capital Markets Association (ICMA) principles. MCB Financial Advisers, the advisory arm of MCB Group, structured the financing and acted as Transaction Advisor to the investing consortium.

This initiative shall contribute directly to MCB Group’s goal of reducing CO₂ emissions associated to its electricity consumption. The project, which will result in MCB Group and Omnicane generating approximately 7,700 MWh of renewable energy each year, underscores the partners’ commitment to supporting the Government of Mauritius’ target of achieving 60% renewable energy in the national electricity mix and phasing out of coal by 2035. 

The partnership shall benefit from the expertise of Omnicane, a key player in the local energy sector, with a presence in East Africa through its 5.5 MW hydro power plant, of Calycé, a French renewable energy developer with over two decades of experience in designing, building, and operating solar and wind projects across Europe, and of MCB Group, a leader in structuring and financing renewable energy projects.