CrossBoundary Access & ANKA close major Madagascar acquisition, strengthening momentum for mini-grids in sub-Saharan Africa
This acquisition marks the first exit of early-stage investors from an operational mini-grid platform in Madagascar, demonstrating the growing bankability of the mini-grid asset class and developers. Structured as a project finance acquisition while retaining ANKA as a long-term minority shareholder and operator, the deal sends a strong signal and paves the way for further investment into the sector.
15 January 2026, Antananarivo & Nairobi – ARE Member CrossBoundary Access, Africa’s first blended finance platform for mini-grids largest mini-grid investor, and ARE Member ANKA, a pioneering mini-grid developer, have completed the acquisition of an asset company owning four operational mini-grid projects developed, built, and operated by ANKA in Madagascar. The acquired portfolio comprises 1.7 MW of solar PV and 5.6 MWh of battery storage, serving thousands of customers across the Atsimo-Andrefana region.
The acquisition is the first phase of the USD 20 million partnership announced by Access and ANKA in June 2025. Together, Access and ANKA will finance, build, and operate mini-grids to provide power to over 62,000 people across Madagascar, aligned with national energy priorities and the Mission 300 Initiative. CrossBoundary Access becomes new majority shareholder alongside ANKA which remains a shareholder of the asset company. ANKA and CrossBoundary Access aim to demonstrate that decentralised infrastructure can reach scale, liquidity, and profitability — all while delivering universal energy access and complying to the highest technical standards.
“This acquisition demonstrates our confidence in Madagascar’s mini-grid market and ANKA’s proven track record. It shows that best-in-class mini-grids developers, working with supportive government policies and donor support, can deliver both impact and commercial returns,” says Gabriel Davies, Managing Director, CrossBoundary Access.
This transaction enabled a profitable exit for early-stage investors — Kalinka Invest, Realize Impact, and Ground Squirrel Ventures — and proves that blended finance and long-term commitment can unlock real value and reinvestment potential. While structured as a project finance transaction, this deal carries broader significance: it demonstrates that developers who structure, operate, and scale high-performing portfolios can now be trusted counterparts to platform investors.
“This milestone validates the initial investment thesis behind our engagement with early stage mini-grids and infrastructure projects in Madagascar specifically, but also across Africa. It confirms that high-quality mini-grid projects can reach operational maturity and attract long-term infrastructure capital. We are proud to see this portfolio enter a new phase of growth, marked by this successful exit,” says Brian Shaw, Manager of Ground Squirrel Ventures, (Asset Company’s exiting Shareholder).
Madagascar presents a compelling investment opportunity for mini-grid infrastructures. With a national electrification rate of 36%, and a rural electrification rate of 15%, and clear regulatory framework, the Malagasy market has established the foundations for private sector energy access solutions.
This transaction contributes to paving the way for more developers and investors to structure sustainable, scalable partnerships. It offers a replicable example of how to align early-stage venture capital, concessional funding, project cashflows, and local developer capacity — unlocking the full financing stack.
“This transaction is more than an exit — it’s a market signal,” says Camille André-Bataille, Founder & CEO of ANKA. “It supports the business model of developers, and shows that when execution meets ambition, the developer itself becomes investable. This is what the sector needs to grow: unlocking corporate finance for developers who can replicate these successes across multiple geographies.”