MARKET / MADAGASCAR
#26Continent rank
10Deals tracked
$100mCapital tracked
1,355 MWPipeline
2 MWOperational (tracked)
251 MWInstalled RE (2024, IRENA)
43%Electricity access (2024, World Bank)
$19.6bnGDP (2025, World Bank)
0.41%RE capital / GDP (12M)

Market primer

structure, counterparties and bankability context
Region / power poolEastern Africa ·
Main offtaker
Regulator
PPA frameworkNot yet researched
Currency / convertibility · Not yet researched
GDP per capita$599 (2025, World Bank)
Sovereign ratingsMoody’s · S&P · IMF DSA
Last updatedpending

Installed renewables

20152024, MW (IRENA)

Deals

every row source-linked
DateDealType$mConf
2026-07-10Madagascar Solar and BESS Pipelineproject_financepledgeC
2026-06-30Axian Energy renewable energy expansioncorporate_debt60A
2026-06-30CrossBoundary Access Expansionequity_raise10A
2026-06-26WeLight Corporate Equityequity_raiseA
2026-06-24CrossBoundary Access decentralized energy platformequity_raise10A
2026-05-18MCB Intra-African Trade Financing Envelopecorporate_debtpledge1,000A
2026-01-15ANKA Madagascar Mini-grid PortfoliomaA
2025-12-19Tuléar Solar Plantproject_financeB
2025-09-29EU Global Gateway Africa clean energy package (9 countries)grantpledge638B
2025-06-19CrossBoundary Access & ANKAequity_raise20A

Project pipeline

ProjectTechMWStatus
Jirama-ADER Solar Projects ProgrammeSolar932early_development
Sahofika Hydropower ProjectHydro205late_development
Moramanga 50 MW Solar Power PlantHybrid50construction
Lidera programme42early_development
Moramanga Solar PlantSolar40construction
Afripower Solar ProjectSolar40early_development
Utility-Scale Solar Power Plant in MoramangaSolar40construction
Nosy Be Solar and Battery ProjectHybrid5construction
Tamatave Solar Hybrid Power PlantSolar2operational
Tuléar Solar PlantSolar1late_development
Madagascar Solar and BESS PipelineHybridearly_development

Tariffs & policy

2025-03-06National energy compact
Ministry of energy

Recent coverage

from the archive
2026-07-16Every project is a testament to our brand strength. 🇲🇬 Successful grid connection of a commercial hybrid solar + storage project in Madagascar! ☀️ 144 kWp JA Solar photovoltaic system ⚡ 100 kW Deye hybrid inverter system
Capacity online — execution track record for the sponsor and market; builds on prior coverage — trace "brand" in Storyline for the history
2026-07-10Expanding solar and energy storage to strengthen Madagascar's power system. AFSIA member Release by Scatec, together with Groupe Filatex, has signed a Memorandum of Understanding (MoU) to accelerate the development of ne
Release by Scatec and Groupe Filatex are formalizing a partnership to expand solar and BESS capacity in Madagascar, signaling a new pipeline of projects in the country.
2026-07-09Madagascar: Groupe Filatex and Release by Scatec sign solar-storage MoU
Early-stage intent — low certainty, but maps who is targeting what; builds on prior coverage — trace "Filatex" in Storyline for the history
2026-07-06Filatex and Release by Scatec Launch 42 MW Solar Program in Madagascar
capacity 42 MW; builds on prior coverage — trace "Filatex" in Storyline for the history
2026-07-03Madagascar’s Largest Private Power Producer Expands Solar Push with New Partnership
builds on prior coverage — trace "Madagascar" in Storyline for the history
2026-06-19Momentum gathers for Madagascar’s 127MW Volobe hydro | African Energy
2026-06-17Actu | Madagascar: constructing sustainable access to electricity
2026-05-18Madagascar Emerges as Strategic Graphite Supplier for Germany and EU Battery Industry
2026-05-17Germany turns to Madagascar as Europe races to cut China out of the battery supply chain
Germany is actively assessing Madagascar's graphite assets to diversify its battery mineral supply chain away from China, signaling potential future DFI or industrial investment in the Malagasy mining sector.
2026-05-05Jirama to roll out 46 solar projects totalling 932 MW in Madagascar - Green Building Africa
2026-05-05After Cyclone Gezani: Madagascar’s Resilient Response to Restoring Energy and Connectivity in Public Higher Education
2026-05-04Madagascar plans 46 solar projects totaling 932 MW
2026-04-13In Madagascar, women’s solar training brightens homes and education
2026-04-08Madagascar declares state of emergency over severe fuel shortages linked to Iran war
2026-04-07Madagascar declares state of emergency over energy situation due to Iran war