
With a population of 23 million and a land mass greater than France, the island of Madagascar has an installed capacity of only 300MW and no electricity grid. After decades of political instability, and making a serious commitment to democracy, the country is becoming a destination for Foreign Direct Investment. In 2015, Symbion invested in, and successfully completed the rehabilitation of a 40MW heavy fuel oil (HFO) power plant in Antananarivo, and operated the power plant for about three years. HFO is a natural resource in Madagascar where it is extracted at an oil field on the western part of the island. The concession is for 20 years. Symbion divested its shares and exited the project in 2021.
