AXIAN Energy secures $97 million financing for 60MW solar project in Senegal

AXIAN Energy, the pan-African power developer led by CEO Benjamin Memmi, has reached financial close on its 60-megawatt NEA Kolda solar plant in Senegal, marking a major step in the country’s push to expand renewable energy capacity and strengthen grid stability.

The project, located in southern Senegal, is designed to improve electricity access and reliability, particularly in underserved regions, while supporting the country’s broader energy transition strategy.

Financing unlocks project execution
The financial close secures funding required to fully implement the project, following an extensive due diligence process covering technical, legal, financial and environmental assessments.

Debt financing of about €84 million ($97 million) was mobilized by a consortium including Emerging Africa & Asia Infrastructure Fund, FMO, and DEG. The total project cost is estimated at more than €105 million.

AXIAN Energy began construction in May 2025 using its own capital, ahead of financial close, underscoring its commitment to fast-track delivery in line with agreements with the Senegalese government.

Powering grid stability with storage
The NEA Kolda plant will include a 72 MWh battery energy storage system (BESS), a relatively advanced feature in West Africa’s power sector. The facility is expected to supply electricity to about 235,000 people while enhancing grid stability, particularly during peak demand periods.

By integrating storage, the project addresses intermittency challenges associated with solar power, enabling more reliable energy distribution across the national grid.

Advancing Senegal’s energy transition
The project aligns with Senegal’s target to achieve 40% renewable energy in its electricity mix by 2030 and universal access by 2029. It also supports broader frameworks such as the Just Energy Transition Partnership and national energy compacts aimed at accelerating sustainable power development.

Battery storage remains limited across West Africa, but institutions like the World Bank and ECOWAS view it as critical to scaling renewable integration.

For AXIAN Energy, the Kolda solar plant represents a cornerstone investment, combining clean generation with storage technology to deliver reliable power, expand access and reinforce Senegal’s transition toward a more resilient and sustainable energy system.