Axian Energy secures financing for 60 MW solar and 72 MWh storage hybrid plant in Senegal

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.

Counterparts (4)

Lender

Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG)

company

Cologne-based development finance institution that finances and advises private companies in developing and emerging countries. Supports investments in infrastructure, energy, banking, and industries & services sectors.

E

Emerging Africa & Asia Infrastructure Fund

company

Emerging Africa & Asia Infrastructure Fund invests in infrastructure projects across emerging markets in Africa and Asia. The fund focuses on sectors such as energy, transportation, and utilities.

Banque Néerlandaise de Développement Entrepreneurial (FMO)

company

Dutch entrepreneurial development bank investing in emerging markets across Africa, Asia, Latin America, and Eastern Europe. Provides risk-bearing financing to support sustainable economic growth, job creation, and climate action with $12B in assets under management.

borrower

A

Axian Energy

company

Barcelona-based telecommunications infrastructure company operating across 9 African countries with 17,200km of backbone infrastructure and 41M mobile customers. Focuses on expanding digital access and telecoms infrastructure in emerging markets.