AXIAN Energy, led by CEO Benjamin Memmi, has signed an agreement for the Volobe hydropower project in Madagascar, marking a key step toward expanding the country’s renewable power capacity. The project, backed by the Malagasy government and its partners, is designed to improve electricity reliability while supporting broader economic development.

With installed capacity of 120 megawatts and estimated annual generation of 750 gigawatt-hours, Volobe is expected to strengthen Madagascar’s electricity supply and reinforce the power connection between Antananarivo and Toamasina. The project has the capacity to provide electricity to 2 million people, expanding access to renewable power across the country.

Volobe targets wider access

Construction of the project is expected to create nearly 1,500 direct and indirect jobs, generating opportunities for local workers and businesses. AXIAN Energy said the development forms part of a broader strategy to build large-scale renewable generation, strengthen Madagascar’s energy security and support economic activity in surrounding communities.

AXIAN Energy develops, finances, builds and operates renewable energy infrastructure across Africa, with operations spanning the energy value chain. The company operates in eight African countries through subsidiaries including NEA, WeLight, CGHV (Compagnie Générale d’Hydroélectricité de Volobe), Jovena and Eydon, with a focus on expanding energy access and increasing lower-carbon electricity generation.

CGHV is jointly owned by Électricité de France (EDF), AXIAN Energy and Africa50. EDF holds a 37.5 percent stake, AXIAN Energy holds 37.5 percent, and Africa50 holds 25 percent.

Building a regional platform

The company currently has a portfolio totaling 350 megawatts, including 77 megawatts of renewable capacity installed and under development, and has set a target of reaching 2 gigawatts of installed capacity by 2030. AXIAN Energy works with governments, financial institutions and industrial companies on renewable power and electrification projects.

In Senegal, AXIAN Energy has also reached financial close on the NEA Kolda photovoltaic power plant in the Casamance region, following the start of construction in May 2025. The project has 60 megawatts-peak of solar capacity and 72 megawatt-hours of battery storage, making it the largest solar project with battery storage in West Africa.

Senegal project secures funding

NEA Kolda is expected to begin commercial operations in November 2026 and generate about 91 gigawatt-hours of clean electricity annually. The project is intended to strengthen Senegal’s power supply while adding battery storage to improve the flexibility and reliability of renewable generation on the national grid.

The project is backed by €72 million, or about $81.3 million, in financing arranged by the Emerging Africa and Asia Infrastructure Fund and FMO, the Netherlands’ entrepreneurial development bank. DEG-Deutsche Investitions- und Entwicklungsgesellschaft also participated in the financing, supporting the project’s development and construction.

Financing backs expansion

The financing brings international development institutions alongside AXIAN Energy, Senegal’s authorities and Senelec, the country’s state-owned electricity company. The company said the financing reflects the technical and economic strength of the project and the confidence of its financial partners in its ability to deliver large-scale renewable infrastructure.

Together, the Volobe and NEA Kolda projects highlight AXIAN Energy’s growing presence across African power markets, spanning hydropower, solar generation and battery storage. The projects support the company’s broader plan to expand renewable capacity, improve electricity access and create economic opportunities in communities where it operates.