AXIAN Energy is building a pipeline of renewable power projects across Africa, with a new $62.34 million financing agreement for Côte d’Ivoire adding to the funding commitments behind its 2030 capacity target.

The Kong solar project gives the pan-African energy developer another foothold in West Africa’s electricity market.

The deal centres on a 50 MWp solar plant backed by Dutch development bank FMO, which will provide the project’s entire long-term debt financing.

With a 20-year repayment period and a planned start in 2028, the arrangement gives the development a long-term financing structure before electricity generation begins.

For AXIAN Energy, the larger business challenge is turning successive financing agreements into operating assets.

The company aims to reach 2 gigawatts (GW) of installed renewable energy capacity by 2030, using development finance institutions and commercial lenders to support its expansion across African markets.

A financing model built around partnerships

FMO has agreed to provide up to €55.5 million, equivalent to approximately $62.34 million, for the Kong solar project.

Once operational, the plant is expected to generate 96 gigawatt-hours of electricity annually, with output sold to Côte d’Ivoire’s CI-ENERGIES under a 25-year power purchase agreement.

The ownership structure links AXIAN Energy to InfraCo, part of the Private Infrastructure Development Group (PIDG). AXIAN Energy owns 55% of Ivorian developer Africa Via, which holds a 51% stake in the Kong Solar project company. InfraCo owns the remaining 49%.

This structure brings together a regional energy developer and an infrastructure investment group backed by several governments, with FMO supplying the long-term debt.

Senegal shows the scale of expansion

AXIAN Energy’s financing activity extends beyond Côte d’Ivoire. In March 2026, the company announced the completion of a €72 million ($80.8 million) financing package for its Kolda solar project in Senegal.

That development combines 60 MWp of solar capacity with 72 megawatt-hours of battery storage. FMO and the Emerging Africa & Asia Infrastructure Fund (EAAIF), another PIDG member, structured the financing alongside German development finance institution DEG.

EAAIF had previously provided AXIAN Energy with a $30 million loan in December 2023 to support its renewable energy operations across Africa.

Commercial lenders widen funding base

The company is also tapping commercial finance. In June 2026, AXIAN Energy signed a $60 million financing agreement with Mauritius Commercial Bank to support its continental expansion.

The Kong project adds to this funding pipeline, but its contribution to AXIAN Energy’s 2030 ambition will ultimately depend on delivery: the plant is not expected to begin operations until 2028, and its planned generation must still translate into electricity supplied under the long-term agreement.