Press Release

Luxembourg, 27 April 2024

The Jean Boulle Group is pleased to note the announcement by Omnicane regarding the signing of a Collaboration Agreement (“Agreement”) with the International Finance Corporation (the private sector arm of the World Bank Group -“IFC”), for a coal to biomass transition project.

This strategic partnership aims to develop Omnicane’s transition to sustainable biomass, leveraging on both locally sourced biomass and imported environmentally friendly biomass feedstock. The Agreement marks a significant step for Mauritius towards a greener, more resilient energy future.

Commenting on the announcement Mr Jimmy Tong Sam, Chairman of Omnicane, said:

“I would like to congratulate Omnicane on its partnership with the IFC, part of the World Bank Group and  sharing its mission to reduce global poverty, to drive and to champion sustainable development in Mauritius. The IFC and Omnicane have together demonstrated a commitment to align with the National Energy Transition objectives of the Mauritian Government. This not only confirms Mauritius as a leader in sustainable energy adoption but also supports the global decarbonisation efforts.”

Group company Indian Ocean Fields is a major shareholder in Omnicane Limited, a leading producer of sugarcane in Mauritius which also produces renewable energy for the island. Mr Bertrand Boulle, a non-executive director of Omnicane and Mr Jimmy Tong Sam, Chairman of Omnicane, are both directors of the Jean Boulle Group.

The announcement made by Omnicane is reproduced below:

Omnicane and International Finance Corporation sign a Collaboration Agreement for a coal to biomass transition project

2024-04-08

Omnicane and International Finance Corporation (IFC) signed a pioneering Collaboration Agreement. This strategic partnership aims to drive Omnicane’s transition from coal-based power generation to sustainable biomass, leveraging on both locally sourced biomass and imported environmentally friendly biomass feedstock. The focus of this initiative is Omnicane’s thermal power plants situated in the southern region of Mauritius.

This joint Agreement confirms the Parties’ commitment towards the national objective to reach 60% of renewable energy production in the electricity mix by 2030, in line with the country’s transition from a fossil-based energy system of power generation and consumption to a greener one.

 

Mr Jacques M. d’Unienville, CEO of Omnicane & Mr Adamou Labara, IFC Country Manager for Mauritius

 

The scope of the Collaboration between Omnicane and IFC is multifaceted, reflecting the partners’ commitment to a holistic and rigorous evaluation of the proposed project. Key components include:

  1. an environmental and social risk review:
  2. a financial, economic, and climate analysis:
  3. a preliminary financial model; and,
  4. the identification of climate-focused financing solutions.

Through this strategic partnership, Omnicane and IFC are demonstrating their shared commitment to driving sustainable development, mitigating climate change impacts, and fostering energy security in Mauritius. The Agreement paves the way for informed decision-making and a transition towards a greener, more resilient energy future for the island nation and fully aligns with national priorities and positions Mauritius as a leader in sustainable energy adoption within the Small Island Developing State (SIDS) community.

We view this collaboration as a transformative milestone, paving the way for deeper engagement and activating further progress towards a sustainable energy future for Mauritius and beyond. By fortifying our efforts with IFC’s global knowledge and financial resources, Omnicane is ready to amplify its positive impact and contribute substantially, through innovation and strategic initiatives, towards the vision and set targets of the Government of Mauritius.” says Jacques M d’Unienville, CEO of Omnicane.

Omnicane remains steadfastly dedicated to supporting our sustainable development initiatives. Our various initiatives, including our involvement in the COP28 summit in Dubai last year, exemplifies our commitment to address climate change and promote environmental stewardship. This agreement with International Finance Corporation (IFC) signifies a pivotal alignment between Omnicane’s vision and the National Energy Transition objectives. This partnership not only validates our environmental endeavors but also unlocks invaluable expertise from a renowned institution like IFC.” says Jacques M d’Unienville, CEO of Omnicane.

The Omnicane & IFC Teams

IFC is thrilled to collaborate with Omnicane in this groundbreaking project to convert a powerplant to complete reliance on renewable fuel sources,” says Adamou Labara, IFC Country Manager for Mauritius. “Together, we are carving out new climate-smart pathways to unlock investment opportunities for inclusive, sustainable economic growth in Mauritius that can be replicated across the continent.

Mauritius is a SIDS in the Indian Ocean, vulnerable to the impact of climate change. While Mauritius contributes a mere 0.01% to global carbon dioxide emissions, it is committed to playing its part in mitigating climate change. The government’s determination is reflected in its ambitious target of substantially reducing greenhouse gas, thus aligning with its international commitments. At the core of its strategy lies an ambitious objective: phasing out of coal in the generation of electricity, thereby reducing greenhouse gas (GHG) emissions by 40% by 2030. This move not only underscores Mauritius’ commitment to sustainable development but also positions the nation as a trailblazer in the global efforts to transition towards clean and renewable energy sources.

END

For more information please contact:

The Jean Boulle Group
Audrey Richardson +352 222 512
audrey@jeanboullegroup.com
jeanboullegroup.com

Michael Oke +44 7834368299
Andy Mills +44 7841 748 911
Bea Hopkins +44 7903 537129
Aura Financial +44 207 321 0000
boulle@aura-financial.com
www.aura-financial.com

 

Notes to Editors

About Jean Boulle Group

The Group is active in natural resources, Mining, MedTech, Therapeutics, Energy, Agriculture, Hospitality, the conservation of endangered species and philanthropy. Since its foundation by Jean-Raymond Boulle the Group has completed transactions worth more than US$5 billion.

Its investments span early-stage private funding for innovative technologies through to acquisitions, special situations and strategic investments in publicly traded companies on leading stock exchanges.