Reading Time: 2 minutes
As part of the State visit of French President Emmanuel Macron, Béatrice Buffon, Group Executive Director at EDF and CEO of EDF Renewables, signed an agreement with Amine Hiridjee, co-CEO of the AXIAN Group, and Demba Diallo, Director of Project Development at Africa50. The agreement aims to develop, build, and operate a 120-megawatt hydropower plant in Madagascar.
The Volobe dam, located in Tamatave (northeastern Madagascar), is considered a key infrastructure project by the Malagasy government. With an expected annual electricity output of 750 GWh—about one-third of Madagascar’s current electricity production—the dam will significantly contribute to decarbonizing the country’s energy mix. It will also help enhance the reliability of the national power grid.
The project is backed by the Malagasy government, financed by international donors, and supported by a guarantee from the World Bank. It is being developed in accordance with the highest environmental and social standards.
Under the agreement signed today, EDF will hold a 37.5% stake in the project company, the Compagnie Générale d’Hydroélectricité de Volobe (CGHV), alongside AXIAN (37.5%), a pan-African group active in telecoms, energy, financial services, fintech, and real estate, and Africa50 (25%), an investment platform established by African countries and the African Development Bank. Leveraging its 70 years of experience in hydropower infrastructure, EDF will lead the technical aspects of the project and contribute its expertise throughout the value chain—from early development and feasibility studies to construction and long-term operations.
The Volobe dam is scheduled to begin operations by the end of 2030. It will provide competitively priced electricity to JIRAMA, the national water and electricity utility, supplying power to approximately two million people amid growing energy demand in Madagascar. Béatrice Buffon said “I am pleased to see EDF teams leveraging their experience in managing complex industrial projects to develop the Volobe hydropower project, which will deliver low-carbon, reliable, and competitive electricity. This project reflects EDF’s commitment to supporting the energy transition of its public and private clients, in partnership with leading stakeholders and with the backing of international financiers.”
