Axian Energy has finalized an €84 million debt financing package to develop a pioneering solar-plus-storage project in southern Senegal, marking a significant step in the nation’s energy transition. The funding, provided by a consortium of leading international development financiers, will support the construction of a 60 MW photovoltaic plant integrated with a 72 MWh battery energy storage system (BESS) in the Kolda region.
Set to become the largest facility of its kind in West Africa upon completion in 2026, the Kolda project is designed to deliver reliable electricity to approximately 235,000 people across 25,000 households. The sophisticated battery system is engineered to enhance grid stability by dispatching power for up to three hours during evening peak times, providing critical support to Senegal’s national utility, Senelec, and reducing energy deficits in the underserved Casamance region.
The financing syndicate includes the Emerging Africa and Asia Infrastructure Fund (EAAIF) and the Dutch development bank FMO, each contributing €30.5 million, alongside a €23 million commitment from Deutsche Investitions- und Entwicklungsgesellschaft (DEG). This robust international backing underscores confidence in Senegal’s renewable energy sector and brings the total project cost to an estimated €105 million.
This initiative is a cornerstone of Senegal’s ambitious goal to source 40% of its energy capacity from renewables by 2030. According to Huib-Jan De Ruijter, a board member at FMO, the project will not only bolster the national grid but also significantly increase access to affordable and clean electricity for local residents and businesses. By combining solar power generation with energy storage, the facility directly addresses the challenge of intermittency, ensuring a consistent supply and reducing reliance on fossil fuels.
For Madagascar-based Axian Energy, the Kolda plant is a key part of its broader strategy to become a leading clean energy producer in Africa. The company, which currently operates projects in seven countries, aims to expand its total capacity to 1 GW by 2030, contributing to sustainable development and energy security across the continent.
Sources for Axian Energy Secures €84 Million for Solar-Storage Project in Senegal
- AXIAN Builds 60MW Solar Plant in Senegal – African Energy Council
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- EAAIF, FMO and DEG provide EUR 84 million to AXIAN Energy to …
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- Senegal switches on inaugural solar-plus-storage facility
- AXIAN secures US$89.2 million for Kolda solar-plus-storage plant
