EnVolt Marks Milestone With Rs 510 Million Green Bonds Issuance In Mauritius

Representational image. Credit: Canva

EnVolt, a subsidiary of the ENL group focusing on renewable energy development, has successfully concluded its inaugural green bonds issuance, raising Rs 510 million (USD 11 million). This marks a crucial milestone in its multi-currency green bond program, totalling Rs 2 billion (USD 45 million). The funds will contribute to the construction of 13 new solar farms across the island, with a cumulative capacity of 14 MWp. ENL, the parent company, had initially invested Rs 175 million in equity.


The CEO of the ENL group, Gilbert Espitalier-Noël, expressed delight, positioning the group as a key player in renewable energies aligned with the national goal of producing 60% of the country’s energy from renewables by 2030. The green bond program aims to enhance production capacity, positively impacting the energy mix and bolstering energy security.


ENL’s sustainable energy division comprises EnVolt, operating photovoltaic farms, Ecoasis offering technical services, and Suntricity as an equipment supplier. Besides solar energy, ENL explores other renewable sources.

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EnVolt currently operates ten farms, primarily on ENL properties, with a current capacity of 4 MWp, set to increase fourfold in the coming years to 18 MWp.

The issuance of green bonds is a significant stride for EnVolt and Mauritian debt markets. It’s the first time a “Greenfield” renewable energy project is financed by a green bond rated by CARE Ratings Africa. The issuance aligns with the International Capital Market Association’s (ICMA) 2021 Green Bond Principles and is independently validated by Sustainalytics.

The transaction attracted a diverse range of local investors, including banks, asset managers, and pension funds, raising funds at variable and fixed rates over a period of up to 17 years.

Rony Lam, CEO of MCB Capital Markets, praised the transaction for setting international standards, emphasizing the importance of mobilizing national resources for local economic and infrastructure projects in Africa.

EnVolt plans to utilize its Green Bond Framework for additional fundraising to develop new renewable energy projects. Morningstar Sustainalytics provided a Second Opinion on EnVolt’s Green Bond Framework, emphasizing its compliance with the 2021 Green Bond Principles.

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Mark Napier, CEO of FSD Africa, highlighted the transaction’s success in strengthening African capital markets and creating financing pathways for vital energy transition projects, potentially influencing the wider SADC region.

EnVolt received support from MCB Capital Markets and legal guidance from ENSafrica, with CARE Ratings (Africa) providing the bond ratings.

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