CrossBoundary Access and ANKA Acquire Four Operational Mini-Grids in Madagascar

CrossBoundary Access, Africa’s first blended finance platform for mini-grids, and ANKA, a leading mini-grid developer, have completed the acquisition of an asset company owning four operational mini-grid projects in Madagascar. The portfolio includes 1.7 MW of solar PV capacity and 5.6 MWh of battery storage, providing electricity to thousands of customers across the Atsimo-Andrefana region.

The acquisition marks the first phase of a US$20 million partnership between CrossBoundary Access and ANKA, announced in June 2025. Under the partnership, the two organizations plan to finance, build, and operate mini-grids to serve over 62,000 people across Madagascar, in alignment with the country’s energy priorities and the Mission 300 Initiative. CrossBoundary Access becomes the new majority shareholder of the asset company, while ANKA remains a shareholder.

Gabriel Davies, Managing Director of CrossBoundary Access, said, “This acquisition demonstrates our confidence in Madagascar’s mini-grid market and ANKA’s proven track record. It shows that best-in-class mini-grid developers, working with supportive government policies and donor support, can deliver both impact and commercial returns.”

The transaction also enabled a profitable exit for early-stage investors, including Kalinka Invest, Realize Impact, and Ground Squirrel Ventures, highlighting how blended finance and long-term commitments can unlock reinvestment potential. Brian Shaw, Manager at Ground Squirrel Ventures, remarked, “High-quality mini-grid projects can reach operational maturity and attract long-term infrastructure capital. This successful exit validates our initial investment thesis in Madagascar and across Africa.”

Madagascar presents a strong investment case for mini-grid infrastructure, with a national electrification rate of 36% and rural electrification at 15%, supported by a clear regulatory framework. The deal is seen as a replicable model for sustainable partnerships, combining early-stage venture capital, concessional funding, project cashflows, and local developer capacity.

Camille André-Bataille, Founder and CEO of ANKA, added, “This transaction is more than an exit — it’s a market signal. It supports the business model of developers and shows that when execution meets ambition, the developer itself becomes investable, paving the way for sector growth across multiple geographies.”