GreenYellow, an expert in solar photovoltaic production, has signed an agreement with the Mauritius Commercial Bank (MCB) to finance a solar PV plant under construction near the capital Port Louis. Through this financing, the partners want to contribute to accelerating energy transition in the country.
GreenYellow and MCB have concluded the transaction with EUR7.5 million (nearly 360 million Mauritian rupees) for the financing of the Arsenal solar plant. The construction of the solar power plant, which is located around 10 km from the capital, was announced a few months ago by GreenYellow.
GreenYellow has previously signed a partnership with the Central Electricity Board (CEB), the entity that manages electricity in Mauritius, for the construction of the Arsenal solar plant. The solar energy provider is counting on this future 13.86 MWp plant, which has an estimated energy capacity of 20 GWh per year.
Alain Law Min, the Managing Director MCB, said the funding for solar power plants marks their ambition to support the government’s aim to accelerate the production of clean, local, and affordable energy. The new transaction is in line with GreenYellow’s sustainability strategy, ‘Success Beyond Numbers’, and helping the company to become a major player in the country’s energy transition.
The solar facility is expected to enter commercial operation by 2023 and will help in diversifying Mauritius’ energy mix. According to GreenYellow, the solar PV plant will supply 4,500 households with clean electricity and reduce emissions by nearly 13,000 tons of CO2 equivalent per year.
Currently, Mauritius has an installed capacity of 876 MW, of which 498 MW is generated by the CEB and rest by independent power developers. Most of the energy is produced from oil and coal-powered plants. The Arsenal solar plant will contribute to the implementation of the Mauritian government’s policy to reduce the dependence on fossil fuels.