African bank funds Madagascar’s 15-MW Sahanivotry

The African Development Bank (AfDB) has approved a 6 million euro (US$8.27 million) private sector investment in the 15-MW Sahanivotry hydroelectric project in Madagascar.

Sahanivotry is to enhance the installed capacity of national utility Jiro Sy Rano Malagasy (Jirama), increasing the nation’s power output by more than 10 percent at a cost 50 percent less than diesel generation.

The project is to include access roads, bridges, water intake, retention pond, penstock with hydraulic head of 243 meters, power station, transformer, and 63-kilovolt power line to link with the Jirama grid at Antsirabe.

The total project cost is estimated at between 12.1 million euros (US$16.6 million) and 14 million euros (US$19.3 million). AfDB’s contribution represents 43 percent of total costs. Two local banks, BFV, an affiliate of Societe Generale, and Union Commercial Bank, are to invest 3.4 million euros (US$4.68 million).

AfDB said its approval of Sahanivotry and funding for another program in Tanzania on July 5 brought its total annual private sector investments to more than US$1 billion for the first time since its founding in 1964.

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