Filatex buys Madagascar power plant, invests in storage company

Groupe Filatex, Madagascar’s largest employer, has made two acquisitions to boost its electricity generation on the island nation and to develop power storage capacity. The company bought a 40 MW heavy fuel oil power plant in Madagascar’s capital, Antananarivo, from New York-based Symbion Power for an undisclosed amount and paid €10-million for a 41% stake in France’s Energiestro, which is developing flywheel storage technology, it said in statements sent to Bloomberg.