The leading local industrial player in Madagascar, Jovena, has partnered with Africa50, the pan-African infrastructure investment platform, SN Power, and Colas for the development of a 120 MW hydroelectric power project in Madagascar. 

The  120 MW Volobe hydroelectric power plant will be located on the Ivondro River, 40km from Toamasina. Under the terms of the agreement signed, partners commit to co-develop the hydropower plant by acquiring equity in Compagnie Générale d'Hydroélectricité de Volobe (CGHV), the company running the project. Following this transaction, the shareholding of CGHV is comprised of Jovena (40%), Africa50 (25%), SN Power (25%) and Colas (10%).

Considered as a priority in Madagascar's national development program, Volobe seeks to provide reliable and affordable electricity access to over two million Malagasy, thereby contributing to the country's transition towards renewable energy. The power plant will reduce the cost of electricity to the end-user. The project is expected to create up to 1,000 direct jobs during construction. It is expected to be commissioned by 2023.