Transaction Summary
Axian Energy, a subsidiary of the Madagascar-headquartered Axian Group, has secured €84 million (~$89 million) in debt financing to construct the Kolda Project, Senegal’s largest utility-scale solar and battery project. The financing comes from the Emerging Africa & Asia Infrastructure Fund (EAAIF) managed by Ninety One Group (€30.5 million), the Dutch development bank FMO (€30.5 million), and the Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a subsidiary of KfW Group (€23 million). Located in Casamance, Senegal, this solar facility will feature two plants with a total capacity of 60 MW and a 72 MWh battery storage system. The project has a total estimated cost of €105 million and is scheduled for completion in 2026. Upon completion, the Kolda Project will provide clean energy to 235,000 residents in the Casamance region while improving grid stability and peak-hour supply reliability. Axian Energy’s portfolio includes nearly 250 MW of renewable projects across Zambia, Madagascar, and
