GreenYellow and Axian Group
In 2020, GuarantCo provided GreenYellow and Axian Group with a credit guarantee of MGA 36.9 billion (EUR 8.1 million) to refinance the 20MW NEA Ambatolampy solar power plant in Madagascar (phase 1) and in 2022 a guarantee of MGA 23.5 billion (EUR 5 million) to finance the expansion of the plant, increasing its capacity to 40MW and adding 5MWh of battery storage capacity (phase 2).
The impact of phase 2 is expected to provide improved electricity access to 100,000* households and reduce emissions by 34,000* tonnes of CO2 through the replacement of thermal energy. Only 15 percent of Madagascar's population has access to electricity through JIRAMA, the state-owned electricity company. *based on GreenYellow’s methodology, certified by VERRA, the Verified Carbon Standard Programme for GHG Credits,