MCB Group and Omnicane Launch Vehicle to Finance Renewable Energy Projects in Mauritius & Africa

MCB Group Ltd and Omnicane Ltd have jointly launched a new investment vehicle aimed at financing renewable energy projects in Mauritius and the wider region. The platform will support developments in solar, hydro, and wind power, reinforcing national and regional clean-energy ambitions.

The consortium’s first financed initiative is a 4.8 MW photovoltaic project in Poudre d’Or, in northern Mauritius. Currently under construction, the project will operate under the Medium-Scale Distributed Generation (MSDG) Scheme of the Central Electricity Board (CEB).

The development consists of two solar farms, with CEB having signed connection agreements with prosumers MCB Ltd and Omnicane Milling Ltd, in collaboration with Calycé International. The plant is being built by Mauritian contractor Ecoasis Energy Solutions Ltd and will comprise 8,200 solar panels across four hectares. Once operational, it is expected to avoid approximately 7,000 tonnes of CO₂ emissions annually, with commissioning targeted for April 2026.

The farms will incorporate agrivoltaic practices, supporting national food security alongside renewable power generation. The launch phase has been financed through shareholder contributions and a Green Bond issued in line with ICMA principles. MCB Financial Advisers structured the transaction and served as the consortium’s advisor.

The project will generate around 7,700 MWh of renewable energy per year, contributing directly to MCB Group’s decarbonisation goals and supporting Mauritius’ national target of achieving 60% renewable energy and eliminating coal from the electricity mix by 2035.

The partnership draws on the combined expertise of:

Omnicane, a major local energy player with regional presence including a 5.5 MW hydro plant in East Africa;

Calycé, a French renewable energy developer with over 20 years of experience in solar and wind projects across Europe;

MCB Group, a leader in structuring and financing clean-energy investments.

Omnicane CEO Jacques M. d’Unienville said the partnership “paves the way for an impactful solution enabling the deployment of renewable energy projects in Mauritius and in the region.”

Calycé CEO Eric Boban highlighted Mauritius’ governance and business environment as key to the company’s international renewable energy expansion.

MCB Capital Markets CEO Rony Lam said the transaction “demonstrates MCB’s commitment to investing in renewable projects and contributing to the energy transition of Mauritius.”