GreenYellow, a major player in the energy transition across the Indian Ocean, and The Mauritius Commercial Bank Ltd (MCB) today announced the conclusion of a Rs 940 million financing agreement for the development of 17 photovoltaic projects with a combined capacity of more than 25 MW. The first disbursements under the facility began in June 2026, and the facility also allows for additional projects to be incorporated until the end of 2027.
Designed for companies in Mauritius’s industrial sector, these installations fall under the Carbon Neutral Industrial Sector (CNIS) Renewable Energy Scheme, an initiative led by the Central Electricity Board (CEB) to encourage industrial players to contribute to renewable electricity generation in the country.
Industrial Players as Renewable Energy Producers
The industrial sector is a major lever of the energy transition. As a heavy consumer of electricity, it is also well placed to contribute actively to transforming the national energy mix. This is precisely what the CNIS is about: enabling industrial companies to develop photovoltaic capacity matching their annual electricity needs.
In practical terms, all electricity generated by the solar plants is fed into the Mauritian grid, while the companies continue to be supplied by the CEB for their operations. Under the terms of the scheme, this renewable generation offsets their annual electricity consumption.
Through this mechanism, industrial companies are no longer merely energy consumers; they also become contributors to renewable electricity production in the country. GreenYellow supports this shift by bringing its expertise in the development, financing and operation of solar plants. Once fully operational, the installations are expected to generate nearly 38 GWh of renewable electricity each year, equivalent to the annual electricity consumption of around 15,800 Mauritian households, and to avoid close to 27,000 tonnes of CO₂ emissions annually.
Accelerating Investment
MCB’s commitment of Rs 940 million marks a new stage in the partnership between the two organisations. Two of the 17 plants were recently inaugurated at Arsenal. In 2023, GreenYellow and MCB had already collaborated on the financing of another solar plant at Arsenal, with a capacity of nearly 14 MW and a value of Rs 350 million. With this new portfolio of projects, their collaboration takes on an added dimension: this financing illustrates the decisive role of banking institutions in turning national energy ambitions into reality.
Benoît REGNARD, CEO of GreenYellow Austral:
“Mauritius’s energy transition is a collective challenge. It cannot succeed without the commitment of industrial players, the support of financial institutions and the mobilisation of public stakeholders. The CNIS is a concrete illustration of this: it enables companies to take their full place in the transformation of the Mauritian energy mix. With nearly 25 MW of projects under development, we are proud to support this momentum alongside MCB. This partnership demonstrates that, by combining our respective expertise and resources, we can durably accelerate the country’s energy transition.”
Aldo SYDONIE, Head of Mauritian and Regional Corporates, MCB:
“Financing the energy transition is an important part of our commitment to Mauritius’s sustainable development. Through this partnership with GreenYellow, MCB is proud to support tangible investments that will help strengthen local renewable energy production and support industrial players in their transformation. As a financial institution that has accompanied Mauritius’s development over the decades, MCB’s role is to facilitate the emergence of projects that create long-term value, in service of a more sustainable and resilient Mauritian economy.”
