MCB Group Limited and Omnicane Limited have unveiled a new investment platform aimed at accelerating renewable energy development in Mauritius and across Africa, marking a major step toward expanding the region’s clean-power footprint.
The initiative targets financing solar, wind, and hydro projects, with the first development already underway in northern Mauritius. The flagship project a 4.8MW photovoltaic plant in Poudre d’Or is progressing through its construction phase and is scheduled to come online by April 2026.
The facility will operate under the Central Electricity Board’s Medium Scale Distributed Generation (MSDG) Scheme, which supports the integration of decentralized power generation into the national grid.
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Sustainability strategy
Developed by Ecoasis Energy Solutions Limited, the installation consists of two adjacent solar farms covering roughly four hectares. Equipped with about 8,200 solar panels, the site is expected to generate around 7,700MW hours of clean electricity annually and cut carbon emissions by an estimated 7,000 tons each year. The project incorporates agrivoltaic methods, enabling agricultural production to continue alongside energy generation an approach aligned with Mauritius’ food security priorities.
Connection agreements for the project were formalized between the Central Electricity Board and prosumers MCB Limited and Omnicane Milling Limited, working jointly with French renewable energy developer Calycé International. Funding was sourced from shareholder equity and proceeds from a Green Bond structured under ICMA principles. MCB Financial Advisers led the financing arrangement and acted as transaction advisor.
The initiative strengthens MCB Group’s broader sustainability strategy, including efforts to lower emissions associated with its operations, while contributing to the government’s objective of reaching a 60 percent renewable energy share by 2035 and eliminating coal from the national power mix.
Omnicane CEO Jacques M. d’Unienville said the collaboration establishes a scalable model for renewable energy deployment both locally and regionally. Calycé CEO Eric Boban highlighted Mauritius as a strategic hub for the company’s global expansion, citing the country’s strong governance environment. Rony Lam, CEO of MCB Capital Markets, underscored that the consortium blends industrial, technical, and financial expertise to advance meaningful carbon-reduction projects.
The partnership leverages Omnicane’s substantial role in Mauritius’ energy system including its involvement in a 5.5MW hydropower plant in Rwanda alongside Calycé’s decades of experience developing solar and wind assets in Europe. MCB Group, Mauritius’ largest financial institution, adds deep capabilities in structuring and financing energy projects across the continent.
Omnicane, which produces about a quarter of Mauritius’ electricity 11% from bagasse has committed to transitioning toward fully sustainable biomass, reinforcing its long-term decarbonisation agenda supported by the new investment vehicle.
