Trinity has advised Renewable Energy Platform (“REPP“) in relation to a convertible bridge loan to Lidera Green Power with respect to a solar hybridisation project in Madagascar.
This is a ground-breaking operation to hybridise three heavy fuel oil (“HFO“) plants in Madagascar with solar PV.
Currently, around 75% of Madagascar’s power is generated from non-renewable sources, such as HFO and diesel plants. Hybridising fossil-fuel plants with solar not only serves to reduce emissions but also makes single energy sources more climate resilient against availability of supply and increases energy security through diversification.
Lidera Green Power (a partnership between Filatex Group and Dera Energy) plans to install a total capacity of 42 MW of solar PV to hybridize three HFO plants in Madagascar and is the first large-scale project of its kind in the island country.
To date, Lidera Green Power has installed a 2 MW PV solar plant in Toamasina and 1.25 MW of solar PV panels in Mahajanga; both plants were inaugurated by the Malagasy President, Andry Rajoelina. Construction is ongoing in Antsiranana to install a further 2.4 MW at a third plant. The second phase is expected to begin in Q2 2022, bringing the total capacity installed to 10 MW, 12 MW and 20 MW at Antsiranana, Mahajanga and Toamasina, respectively.
The project is expected to deliver socio-economic benefits to Madagascar’s economy and population by reducing the country’s reliance on expensive HFO and providing job opportunities during the construction and operation of the plant.
Trinity is proud to support the first utility-scale hybridisation in Madagascar. The Trinity team was led by partners Marianna Sedefian and Pierre Bernheim, assisted by partners Luke Muchamore and Kaushik Ray and counsel Eric Filipink.