MCB Group Limited and Omnicane Limited launched an investment vehicle Wednesday dedicated to financing renewable energy projects across Mauritius and the African region, with solar, hydro, and wind power developments as primary targets.
The consortium’s inaugural project involves developing a 4.8 megawatt (MW) photovoltaic plant in Poudre d’Or, located in northern Mauritius. Currently under construction, the facility will operate under the Medium Scale Distributed Generation (MSDG) Scheme of the Central Electricity Board (CEB), the national electricity company, with commissioning expected by April 2026.
The development comprises two solar farms built by Mauritian contractor Ecoasis Energy Solutions Limited. Connection agreements were signed between CEB and two prosumers, namely MCB Limited and Omnicane Milling Limited, in collaboration with French renewable energy developer Calycé International. The plant will feature approximately 8,200 solar panels across four hectares and is projected to reduce carbon dioxide emissions by roughly 7,000 tons annually.
The solar farms will integrate agrivoltaic practices promoting food security objectives by combining energy generation with agricultural activities. Initial financing came through shareholder funds and a Green Bond issued according to International Capital Markets Association (ICMA) principles. MCB Financial Advisers, the advisory arm of MCB Group, structured the financing and served as transaction advisor to the investing consortium.
This initiative contributes directly to MCB Group’s goal of reducing carbon emissions associated with its electricity consumption. The project will enable MCB Group and Omnicane to generate approximately 7,700 megawatt hours (MWh) of renewable energy each year, supporting the Government of Mauritius’ target of achieving 60 percent renewable energy in the national electricity mix and phasing out coal by 2035.
Jacques M. d’Unienville, chief executive officer of Omnicane, expressed pride in the partnership and closing of the first project. He stated the collaboration paves the way for an impactful solution enabling deployment of renewable energy projects in Mauritius and throughout the region.
Eric Boban, chief executive officer of Calycé, highlighted excitement about the long term collaboration. He noted Mauritius represents a key location for the company’s international expansion in renewable energies due to its excellent governance framework and ease of doing business.
Rony Lam, chief executive officer of MCB Capital Markets, emphasized that the consortium brings together capabilities of a power producer, renewable energy specialist, and financier in crystallizing a carbon avoidance project. He stated the transaction demonstrates MCB’s commitment to investing in renewable projects and contributing to Mauritius’ energy transition.
The partnership benefits from Omnicane’s expertise as a key player in the local energy sector with presence in East Africa through its 5.5 MW hydro power plant in Rwanda. Calycé brings over two decades of experience designing, building, and operating solar and wind projects across Europe. MCB Group contributes its leadership in structuring and financing renewable energy projects throughout Africa.
MCB Group ranks as the largest banking and financial services group in Mauritius, offering comprehensive solutions to retail, corporate, and institutional clients. Rated investment grade by Moody’s and Fitch, the group ranks first in East Africa and among the top banks in Africa by Tier 1 Capital and balance sheet strength, with presence in ten countries through subsidiaries, representative offices, and associates.
Omnicane generates about 25 percent of Mauritius’ electricity, with approximately 11 percent coming from renewable source bagasse. The company has set an objective to transition fully to sustainably sourced biomass and aims to make clients’ energy transitions a reality through its expanded value proposition in partnership with MCB Group and Calycé.
