Axian Energy secures financing for 60 MW solar and 72 MWh storage hybrid plant in Senegal
Type: Financing · Technology: Hybrid · Country: Senegal · Capacity: 60 MW · Value: $105M · Announced: 2026-04-01
Axian Energy officially announced the financial closing for its 60 MW photovoltaic and 72 MWh battery storage hybrid plant in Kolda, Senegal, securing over €105 million in total investment. The project, which had already secured €84 million in debt from institutional investors in 2024, involves a consortium of international financiers including EAAIF, FMO, and DEG. The Malagasy multinational had previously appointed EAAIF and FMO as co-mandated lead arrangers, with DEG committing €23 million. Construction on the plant began in May 2025 using Axian's own funds to meet the late 2026 commissioning deadline set by the Senegalese state and Senelec. The battery storage component is designed to provide approximately three hours of autonomy, aiming to stabilize the local grid and cover evening consumption peaks in Haute-Casamance.
Analysis
Axian Energy has secured over €105 million in total investment for its 60 MW solar and 72 MWh battery storage hybrid plant in Kolda, Senegal. The Emerging Africa & Asia Infrastructure Fund (EAAIF) and FMO, both institutional investors, provided €84 million in debt financing in 2024, with DEG committing €23 million. Construction began in May 2025, utilizing Axian's own funds to meet the late 2026 commissioning deadline set by the Senegalese state and Senelec. The battery storage component is designed to provide approximately three hours of autonomy to stabilize the local grid.
Key points
- €105 million total investment secured
- 60 MW solar and 72 MWh battery storage hybrid plant
- Financing includes €84 million debt from EAAIF and FMO
- DEG committed €23 million
- Project located in Kolda, Senegal