Mauritius’ MCB inks $20 million deal with GreenYellow to develop 17 solar plants

Mauritius Commercial Bank Ltd (MCB) and GreenYellow have signed a MUR940 million financing agreement to develop 17 solar photovoltaic projects with a combined capacity of more than 25 megawatts (MW), expanding investment in Mauritius’ renewable energy sector.

Announced on November 6, 2026, the agreement supports solar installations for industrial companies under the Central Electricity Board’s (CEB) Carbon Neutral Industrial Sector (CNIS) Renewable Energy Scheme. Initial disbursements began in June 2026, while the arrangement allows additional projects to be incorporated through the end of 2027.

Once operational, the plants are expected to generate nearly 38 gigawatt-hours (GWh) of renewable electricity annually, equivalent to the yearly consumption of approximately 15,800 Mauritian households. They are also projected to prevent nearly 27,000 tonnes of carbon dioxide emissions each year.

Industrial firms to support renewable energy generation

The CNIS scheme enables industrial companies to develop solar generation capacity corresponding to their annual electricity requirements, allowing them to contribute directly to Mauritius’ renewable energy production.

Under the arrangement, electricity generated by the installations will be fed entirely into the national grid, while participating companies will continue receiving electricity from the CEB for their operations. The renewable power generated will therefore offset their annual electricity consumption in line with the scheme’s provisions.

The arrangement positions industrial companies not only as major electricity consumers but also as contributors to the country’s energy transition. GreenYellow will provide expertise in developing, financing and operating the solar facilities.

MCB expands partnership with GreenYellow

The MUR940 million ($19.99 million) financing marks a new phase in the partnership between MCB and GreenYellow, building on their 2023 collaboration to finance a solar power plant in Arsenal with installed capacity of nearly 14 MW and funding of Rs 350 million.

Two of the 17 projects under the latest agreement have recently been inaugurated in Arsenal, marking progress in the development of the new solar portfolio.

Benoît Regnard, CEO of GreenYellow Austral, described the energy transition as a collective undertaking requiring the participation of industrial companies, financial institutions and public-sector stakeholders.

He said the CNIS scheme provides a practical framework for businesses to contribute to transforming Mauritius’ energy mix, adding that GreenYellow was proud to support nearly 25 MW of projects under development alongside MCB.

Banks play role in Mauritius’ energy transition

MCB said the agreement reflects its commitment to financing investments that strengthen local renewable energy production and support industrial companies in their transition.

Aldo Sydonie, Head of Mauritian and Regional Corporates at MCB, said financing the energy transition was an important pillar of the bank’s commitment to Mauritius’ sustainable development.

He added that the partnership would help facilitate investments capable of creating long-term value and supporting a more sustainable and resilient Mauritian economy.

Founded in France in 2007, GreenYellow provides decentralised solar photovoltaic generation, energy efficiency, energy storage and electric vehicle charging solutions. The company operates in approximately 15 countries across four continents and supports businesses and local authorities in reducing emissions and improving energy independence.

GreenYellow said its projects helped prevent nearly 546,000 tonnes of carbon dioxide equivalent emissions in 2024. It has also set a target of achieving carbon neutrality for its Scope 1 and Scope 2 emissions by 2040.