Madagascar mini-grids acquisition

CrossBoundary Access and ANKA have completed the acquisition of an asset company owning four operational mini-grid projects developed, built, and operated by ANKA in Madagascar

ANKA is a mini-grid developer, while CrossBoundary Access describes itself as Africa’s first blended finance platform for mini-grids.

The Madagascar portfolio comprises 1.7MW of solar PV and 5.6MWh of battery storage, serving thousands of customers across the Atsimo-Andrefana region.

“This acquisition demonstrates our confidence in Madagascar’s mini-grid market and ANKA's proven track record,” said Gabriel Davies, managing director, CrossBoundary Access.

“It shows that best-in-class mini-grids developers, working with supportive government policies and donor support, can deliver both impact and commercial returns.”

The acquisition is the first phase of a US$20mn partnership announced by Access and ANKA in June 2025.

Together, the two sides will finance, build and operate mini-grids to provide power to over 62,000 people across Madagascar, aligned with national energy priorities and the Mission 300 Initiative.

CrossBoundary Access becomes new majority shareholder alongside ANKA which remains a shareholder of the asset company.

The two companies aim to demonstrate that decentralised infrastructure can reach scale, liquidity, and profitability — all while delivering universal energy access and complying to the highest technical standards.

In a statement, CrossBoundary Access noted that Madagascar presents a “compelling investment opportunity for mini-grid infrastructures.”

It added: “With a national electrification rate of 36%, and a rural electrification rate of 15%, and clear regulatory framework, the Malagasy market has established the foundations for private sector energy access solutions.”

It noted that the transaction paves the way for more developers and investors to structure similar microgrid partnerships, with a “replicable example” of how to align early-stage venture capital, concessional funding, project cashflows, and local developer capacity.

Camille André-Bataille, founder and CEO of ANKA, called it a signal to the market.

“It supports the business model of developers, and shows that when execution meets ambition, the developer itself becomes investable. This is what the sector needs to grow: unlocking corporate finance for developers who can replicate these successes across multiple geographies.”

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https://africanreview.com/energy/grant-funding-approved-for-12mw-eritrea-mini-grid-project