press release


Paris, Tuesday, May 28, 2019 – The Minister of Energy, Water and Hydrocarbons, Vonjy Andriamanga, and the Compagnie GĂ©nĂ©rale HydroĂ©lectrique de Volobe (C.G.H.V), represented by its General Manager, RĂ©my HUBER, signed a framework agreement on the Volobe Hydroelectric Project in the presence of His Excellency the President of the Republic of Madagascar, Andry Nirina Rajoelina.

This framework agreement provides for a commitment by the malagasy state to study, to finance and to build the interconnection line and substation stations between the Antananarivo and Tamatave grids before the Volobe Project is commissioned.

On the basis of the detailed design studies to be provided by the CGHV before the end of June, the malagasy state, Jirama (the electricity and water company of Madagascar) and CGHV undertake to sign the Power Purchase Agreement and the Concession Agreement before the end of August 2019.

These major commitments will make it possible to continue the development of the project by providing the necessary financing for the construction of the hydro power plant within the prescribed time frame: work can thus begin as early as 2020 and the plant is scheduled to operate before the end of 2023, for the benefit of the population and Jirama.

Developed by the Compagnie générale hydroélectrique de Volobe (C.G.H.V), whose initial shareholders are Jovena (Axian Group) and Colas, soon to be joined by SN Power and Africa 50, the 120 MW Volobe hydroelectric project will generate an estimated 750 GWh/year on average.

By 2023, it will replace the production of electricity based on diesel or heavy fuel oil and provide electricity to more than 360,000 households (nearly 2 million people). This project will provide clean energy, meet the needs of Toamasina and the Interconnected Network of Antananarivo by offering competitive prices to Jirama. ABOUT CGHV

CGHV (Compagnie Générale d’Hydroélectricité de Volobe) is a consortium of shareholder companies composed of Jovena Madagascar (Axian group) and Colas Madagascar and Colas Project. CGHV was created in 2016, for the development of the Volobe hydroelectric project. The CGHV is in charge of the development, construction, management and maintenance of the Volobe facilities and equipment. CGHV supports Madagascar’s energy transition and is committed to give Malagasy people more affordable, trustworthy and clean energy solutions. The Volobe hydraulic power station will produce a capacity of 120MW and a production of 750 GWh/year by 2022.


SN Power, established in 2002, is a leading hydropower investor in emerging markets. SN Power invests in clean, renewable energy on a commercial basis, focusing on hydropower. The company concentrates on acquiring, developing, constructing, and operating hydropower assets. SN Power currently operate, through our joint-venture partnerships, hydropower plants in The Philippines, Laos, Zambia, and Panama.

SN power is fully owned by Norfund, the Norwegian Development Finance Institution (DFI), who invests venture capital in profitable privately owned emerging market companies.

SN Power’s headquarters are in Oslo, Norway.


Africa50 is a legally and financially independent entity. Its governance follows private sector practice, although it enjoys the privileges and immunities granted to multilateral institutions. AF50’s aim is to become a leading African investment platform specialized in infrastructure development.

AF50 is engaged into improving the development of bankable projects by catalyzing investments coming from its shareholders. It also aims at mobilizing long term private capital from institutional

investors by exploiting public funds.

AF50 operates commercially with an appropriate financial return while fostering economic development. It is headquartered in Casablanca, Morocco. Africa50 is owned by 25 governments, two central banks and the African Development Bank, with more expected to join.


The Colas Group operates in every aspect of construction and maintenance for roads and for other types of transport infrastructure as well as on projects involving urban development and recreational facilities. The Group boasts two operational segments: Roads, its core business (including civil engineering and building activities), and Specialized activities that are complementary to its Roads sector (Railways, Waterproofing, Road Safety and signaling, and Pipelines). Colas has been active in Madagascar for 60 years: the company deploys its expertise in all construction projects including road construction, civil engineering, real estate, as well as port and airport infrastructures. Colas project is a structure dedicated to the management of major projects in France and throughout the world. Colas project intervenes in many domains such as infrastructure constructions for railroads, airports, roads, ports as well as land use work and public transport projects.


Jovena is positioned today as the biggest oil distribution network in Madagascar, with more than 85 gaz station deployed throughout the island.

An ambitious investment plan of more than 50M USD has enabled the company to increase its market sharefrom 25% in 1999 to 37% in 2017. Jovena is also recognized for being the first local thermic energy producer to be engaged in an environmental friendly program in line with international standards.


Axian is a Franco-Malagasy family group owned by the Hiridjee family. The group established itself in Madagascar 150 years ago. Axian is present in various economic sectors that are driving forces in Madagascar’s development and growth, thanks to leading companies in their field of activity: energy, through Jovena and EDM; financial services, through BNI Madagascar and MVOLA; real estate, through First Immo; telecommunications, through Telma, TOM, TRM and TELCO SA, TIGO Sénégal.

With $800 millions of investment for the last ten years, and more than 3000 employees in the Indian Ocean, Axian opts for key sectors and carries out significant transformations with the constant concern of answering the country, the companies and the citizens’ preoccupations and needs.

Axian Let’s Grow Together

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