€84 million in funding has been awarded to AXIAN Energy for a massive solar energy and storage project, which will be the largest power plant in Africa.
The Emerging Africa & Asia Infrastructure Fund (EAAIF), the Netherlands Bank for Entrepreneurial Development (FMO) and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) have provided €84 million in financing to AXIAN Energy for a large energy project solar and storage in Senegal. Located in the Kolda region, this project will include a 60 MW solar power plant and a 72 MWh storage system, bringing reliable and renewable energy to 235,000 people in Casamance, a historically underserved region.
The Emerging Africa & Asia Infrastructure Fund (EAAIF) is a blended finance vehicle that mobilizes and deploys public and private debt capital for transformative infrastructure projects in Africa, the Levant, as well as South and Asia. South East, offering various debt products on commercial terms for infrastructure projects primarily owned, actively managed and operated by leading private sector experts.
With a total investment exceeding 105 million euros, including 84 million in debt divided between 30.5 million euros from EAAIF and FMO each, and 23 million DEG, this initiative sets a precedent in terms of production and storage of clean energy in West Africa. This project will be the largest battery storage system (BESS) solar plant in the region, meeting energy needs during evening peak hours and contributing to grid stability.
Benjamin Memmi, CEO of AXIAN Energy, said: “ The Kolda solar farm reflects our desire to promote energy inclusion in Senegal and Africa, in line with the United Nations Sustainable Development Goals. Thanks to this project, we will provide clean solar energy to around 25,000 homes in Casamance. With the addition of advanced storage technologies, we are setting new benchmarks in sustainable energy, strengthening grid stability and maximizing renewable resources. We thank our financial partners, EAAIF, FMO and DEG, as well as the Senegalese authorities and Senelec for their support of this vision. »
Tidiane Doucouré, Director of Alternative Credit for Emerging Markets at Ninety One Group, manager of the EAAIF, underlined the importance of this transition to a low-carbon economy: “This investment marks an important step forward, and we are proud to support AXIAN Energy in this project, essential for the energy transition in Africa and Asia. »
As for Huib-Jan de Ruijter, member of the FMO Board of Directors, he said: “This emblematic project marks a renewed commitment to Senegal’s ambition to diversify its energy mix with renewable sources. This is our second solar project with storage in Senegal, increasing the integration of green energy. »
Finally, Monika Beck, member of the Board of Directors of DEG, clarified: “ This financing is a crucial opportunity to electrify rural areas in Senegal. This project promotes a more stable electricity network, thus stimulating local development, job creation and future investments. »
CP/ac/Sf/APA
