$1 Billion Renewable Energy Initiative Expected to Create 2,500 Jobs and Accelerate Madagascar’s Energy Transition
Antananarivo, Madagascar – June 14, 2026 – Z Holding Ventures (ZHV), a U.S.-based infrastructure and investment company focused on renewable energy and sustainable development, today announced the signing of a Memorandum of Understanding (MOU) with the Ministry of Energy and Hydrocarbons of the Republic of Madagascar and Jiro sy Rano Malagasy (JIRAMA) to explore the development, financing, construction, and operation of up to 1 gigawatt (GW) of solar power generation capacity across Madagascar.
The proposed initiative represents an estimated US$1 billion investment and is expected to create approximately 2,500 direct and indirect jobs during the development, construction, and operational phases.
The Memorandum of Understanding was signed with the support of the Ministry of Energy and Hydrocarbons, represented by Mr. Rabearimanga Lucas, and Jiro sy Rano Malagasy (JIRAMA), represented by Mr.
Rasolomanana Hajatiana, Acting Director General.
Under the framework agreement, the parties will collaborate on technical, environmental, commercial, and financial assessments necessary to advance utility-scale solar energy projects and supporting infrastructure. Feasibility studies and project structuring activities are expected to be completed within three months, with the parties targeting a rapid progression toward definitive project agreements and financial close.
The initiative supports Madagascar’s national strategy to increase electricity generation capacity, expand access to reliable power, reduce dependence on imported fossil fuels, and strengthen long-term energy security.
Leadership Perspectives
Neal Koni, Chief Executive Officer of Z Holding Ventures, said:
“This agreement represents a transformative opportunity for Madagascar and a major milestone in ZHV’s commitment to advancing large-scale renewable energy projects throughout Africa. Madagascar possesses world-class solar resources, and we are honored to work alongside the Ministry of Energy and JIRAMA to help unlock this potential.”
“With an anticipated investment of approximately US$1 billion, this initiative has the potential to become one of the largest renewable energy developments in the region. Beyond delivering clean and reliable electricity, we expect the project to generate significant economic benefits through job creation, infrastructure development, technology transfer, and long-term
investment in local communities.”
Patrick Martin, Chief Technology Officer of Koni Energy a subsidiary of Z Holding Ventures, stated:
“Our technical team is focused on evaluating the most efficient and bankable solar technologies available in today’s market. We intend to combine world-class engineering standards with innovative energy solutions that maximize generation performance while ensuring long-term operational reliability.”
“The scale of this opportunity allows us to implement modern utility-scale solar infrastructure capable of delivering substantial capacity to
Madagascar’s grid while supporting future energy demand growth and economic development.”
Bob McCormmin, Representative of the EPC Contracting Team, commented:
“We are excited to support this landmark initiative and bring our experience in delivering large-scale energy infrastructure projects. From engineering and procurement through construction and commissioning, our objective will be to ensure the highest standards of quality, safety, efficiency, and local workforce participation.”
“The development of up to 1 GW of solar capacity presents a unique opportunity to establish a benchmark renewable energy project for Madagascar and the broader African market.”
Government and Utility Support
Mr. Rasolomanana Hajatiana, Acting Director General of JIRAMA, said:
“This partnership reflects JIRAMA’s commitment to strengthening
Madagascar’s electricity generation capacity through strategic investments in renewable energy. The proposed solar development aligns with our objective of improving energy reliability while expanding access to affordable electricity for households, businesses, and industries throughout the country.”
“We welcome the expertise and investment capabilities that Z Holding Ventures brings to this initiative and look forward to working together to advance Madagascar’s energy future.”
Mr. Rabearimanga Lucas, Representative of the Ministry of Energy and Hydrocarbons, added:
“The Government of Madagascar remains committed to accelerating the deployment of renewable energy projects that contribute to national development and energy security. This Memorandum of Understanding demonstrates the confidence of international investors in Madagascar’s renewable energy sector and our commitment to fostering strategic partnerships.”
“The proposed investment supports our broader vision of increasing electricity access, strengthening infrastructure, creating employment opportunities, and building a sustainable energy economy for future generations.”
Next Steps
The parties will immediately commence detailed feasibility studies, site evaluations, grid integration assessments, environmental reviews, and financing discussions. These activities are expected to be completed within approximately three months, paving the way for definitive project agreements and financial close.
Upon implementation, the solar program is expected to become one of Madagascar’s largest renewable energy investments and a cornerstone of the country’s long-term energy transition strategy.
About Z Holding Ventures
Z Holding Ventures (ZHV) is a U.S.-based investment, development, and infrastructure company specializing in renewable energy, sustainable infrastructure, technology, and strategic investments. Through partnerships with governments, utilities, and private-sector stakeholders, ZHV develops transformative projects that generate long-term economic value while advancing sustainability, energy security, and economic growth.
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