Filatex buys Madagascar power plant, invests in storage company
Groupe Filatex, Madagascar’s largest employer, has made two acquisitions to boost its electricity generation on the island nation and to develop power storage capacity.
The company bought a 40 MW heavy fuel oil power plant in Madagascar’s capital, Antananarivo, from New York-based Symbion Power for an undisclosed amount and paid €10-million for a 41% stake in France’s Energiestro, which is developing flywheel storage technology, it said in statements sent to Bloomberg.
The acquisitions will bring Filatex’s total generation capacity to almost 210 MW, sufficient to supply 40% of the island’s needs, the company said. The storage technology deployed by Energiestro is expected to see solar power stored at Filatex’s operations.
“Together with Energiestro, we are laying the foundations of an ambitious plan to deploy flywheel energy storage across Madagascar and Mauritius,” Hasnaine Yavarhoussen, Filatex’s chief executive officer, said in a statement.
Flywheel storage technology is an alternative to battery storage. It works by accelerating the rotor, or flywheel, and then maintaining the energy as rotational energy. If energy is added to the system the rotor goes faster, and slows when some is removed.
Filatex also plans to make the fuel oil plant a hybrid operation by coupling it with solar power, the company said.
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