Beltone Holding has been appointed to advise on Mauritania’s first gas-to-power development, following a Joint Development Agreement between Go Gas Holding and Madkour Holding to advance the Banda and Tevet gas fields.
Under the mandate, Beltone’s investment banking division will serve as exclusive financial advisor to Go Gas Holding, supporting the arrangement of debt and equity funding for the development of the gas fields and a planned power generation facility. The gas produced from the fields will provide the primary fuel source for the project.
Initial plans envisage a gas-fired power plant with a generation capacity of around 200 megawatts in the first phase, with potential expansion to approximately 365 megawatts at a later stage. The Banda and Tevet fields are estimated to contain about 1.3 trillion cubic feet of gas, providing a domestic supply base to meet growing electricity demand in the country.
The project forms part of Mauritania’s strategy to strengthen energy infrastructure, improve supply reliability, and support economic activity and industrial growth. Analysts say it also reflects a wider West African trend toward gas-based power solutions, as governments aim to diversify energy sources and attract investment into large-scale infrastructure.
For financial advisors and developers, the transaction underscores opportunities in frontier energy markets, particularly in integrated projects that combine upstream resource development with downstream power generation.
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Officials from Go Gas Holding and Madkour Holding have highlighted the potential of the project to enhance domestic power generation, reduce reliance on imported fuels, and contribute to long-term energy security in Mauritania.
The initiative is expected to attract both local and international investors, leveraging financial advisory support from Beltone to structure funding that balances equity and debt components while mitigating project risks.
Energy experts note that similar gas-to-power developments across West Africa are critical to meeting growing electricity demand, supporting industrialisation, and fostering regional energy independence.
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The Mauritanian government has prioritized expanding the country’s electricity supply, and projects like the Banda–Tevet gas-to-power development are seen as central to achieving these targets while promoting sustainable economic growth.
Background to Mauritania and Beltone’s agreement
Mauritania has long relied on a combination of imported fuels and limited domestic resources to meet its electricity needs. In recent years, the government has prioritised expanding domestic power generation capacity to support economic growth, industrialisation, and rural electrification. Natural gas has emerged as a key focus, given its abundance in the country’s Banda and Tevet fields and its potential to provide a reliable, lower-emission energy source compared with diesel or heavy fuel oil.
Go Gas Holding is a domestic energy developer responsible for advancing gas exploration and infrastructure projects, while Madkour Holding brings technical and industrial expertise in energy development. Their Joint Development Agreement aims to unlock the gas reserves in Banda and Tevet and integrate upstream production with a domestic power generation facility.
The planned gas-to-power plant is part of a broader West African trend toward developing gas-based power solutions to meet rising electricity demand and reduce reliance on imports. Across the region, countries are increasingly turning to domestic gas reserves to improve energy security, attract investment, and support industrial growth.
Beltone Holding, with its investment banking arm, is advising on the project’s financing and structuring, arranging debt and equity funding to ensure the project’s economic and technical viability. Integrated upstream-to-downstream projects like this offer investors opportunities to participate in both resource development and power generation, mitigating risk and enhancing returns.
Mauritania’s energy strategy focuses on expanding domestic generation capacity, diversifying energy sources, and promoting sustainable development. The Banda–Tevet project is seen as a milestone in achieving these objectives, positioning the country to better meet future electricity demand while attracting regional and international investment.
