At a Glance
- MCB and Omnicane launch funds for Mauritius and regional renewable projects.
- First venture: 4.8MW solar plant using agrivoltaics, operational by April 2026.
- The project aims to cut 7,000 tons of CO₂ and boost local energy.
MCB Group, Mauritius’ leading financial services provider, and Omnicane Limited have launched a new investment vehicle focused on financing renewable energy projects across Mauritius and the broader region.
The fund aims to support solar, hydro, and wind power initiatives, marking a significant step in Africa’s shift toward sustainable energy.
The consortium’s first venture is a 4.8-megawatt solar photovoltaic plant in Poudre d’Or, in northern Mauritius, which is currently under construction.
The plant will operate under the Medium-Scale Distributed Generation (MSDG) Scheme of the Central Electricity Board (CEB), the island’s national electricity utility.
Green bond supports dual solar farm initiative
The project includes two solar farms, with connection agreements signed between the CEB and two local partners, MCB Ltd and Omnicane Milling Ltd, in collaboration with French renewable energy developer Calycé International.
Ecoasis Energy Solutions Ltd, a Mauritius-based contractor, is overseeing construction. The facility will house roughly 8,200 solar panels across four hectares and is expected to come online in April 2026.
Once operational, the farms are projected to cut carbon dioxide emissions by about 7,000 tons per year. They will also use agrivoltaic techniques, combining food production with solar energy, supporting local food security efforts.
Initial funding came from shareholder contributions and a Green Bond structured under International Capital Markets Association (ICMA) principles. MCB Financial Advisers advised the consortium on the transaction.
Local expertise and international collaboration
“This project reflects MCB Group’s commitment to reducing emissions linked to our electricity use,” said Rony Lam, CEO of MCB Capital Markets. “It highlights how financiers, energy specialists, and producers can work together to create meaningful change in renewable energy.”
Omnicane brings local experience and a presence in East Africa through its 5.5-megawatt hydroelectric plant, while Calycé contributes more than two decades of experience in designing, building, and operating solar and wind projects across Europe.
Together, the consortium is expected to generate around 7,700 megawatt-hours of clean energy each year, advancing Mauritius’ goal of sourcing 60% of its electricity from renewables and reducing coal dependency by 2035.
Strategic partnership to expand clean energy
“We are proud to work with MCB Group and Calycé to bring renewable energy solutions to Mauritius and beyond,” said Jacques M. d’Unienville, CEO of Omnicane Ltd. Eric Boban, CEO of Calycé, added that Mauritius’ stable governance and business environment make the island a natural hub for regional expansion.
MCB Group, listed on the Stock Exchange of Mauritius, has offered integrated banking and financial services since 1838, spanning banking, non-banking financial services, and investment sectors.
Omnicane, a leader in energy and agro-industry, leverages sugarcane and renewable resources to provide sustainable solutions, aiming to create lasting value for Mauritius and the surrounding region.
