Crossboundary Access Expands Into Madagascar With Landmark Solar Mini-Grid Acquisition

CrossBoundary Access, a project finance platform focused on African mini-grids, has completed a major acquisition in Madagascar, marking its first significant expansion outside Nigeria. The company has acquired a portfolio of operational solar-powered mini-grid assets from ANKA, a well-known mini-grid developer active on the island. The deal is part of a broader partnership valued at $20 million, aimed at expanding renewable energy infrastructure across Madagascar.

The acquired portfolio includes four fully operational mini-grid projects with a combined solar photovoltaic capacity of 1.7 megawatts and battery storage capacity of 5.6 megawatt-hours. These systems currently supply reliable, grid-quality electricity to thousands of households and businesses in the Atsimo-Andrefana region of southern Madagascar. The power generated supports homes, small enterprises, and essential services, improving daily life and local economic activity.

Under the agreement, CrossBoundary Access takes ownership of the mini-grid assets, while ANKA continues as a minority shareholder and remains responsible for long-term operations. This structure allows ANKA to apply its strong local experience in managing and maintaining mini-grids, while CrossBoundary Access brings in its expertise in infrastructure financing and long-term capital. The partnership model is designed to ensure stability, efficiency, and scalability of the projects.

Madagascar has one of the lowest electricity access rates in the world. National electrification is estimated at around 36 percent, while rural access is as low as 15 percent. Many communities rely on expensive and polluting diesel generators or have no access to electricity at all. In this context, decentralized solar mini-grids offer a practical and cost-effective solution. CrossBoundary Access plans to use a blended finance approach, combining private investment with public and concessional funding, to expand access to clean energy.

The long-term objective of the CrossBoundary–ANKA partnership is to connect more than 62,000 people in Madagascar to reliable electricity by 2026. Industry experts see this acquisition as an important milestone for the country’s off-grid energy sector. It is considered the first successful exit for early investors in a Malagasy mini-grid platform, showing that such projects can be commercially viable and attractive to larger infrastructure investors.

For CrossBoundary Access, the Madagascar expansion supports its broader goal of providing electricity to one million people by 2027. For local communities, the transition from diesel-based power to solar and battery systems offers cleaner, more affordable energy. It also creates opportunities for businesses, schools, and health centers to operate more efficiently, supporting long-term economic and social development while contributing to global climate goals.