AXIAN secures US$89.2 million in finance for Kolda solar-plus-storage plant in Senegal

Facebook
Twitter
LinkedIn
Reddit
Email
An AXIAN Energy project in Senegal.
The Kolda solar-plus-storage project will be AXIAN’s second co-located project, and its first in Senegal. Image: AXIAN Energy.

The Emerging Africa & Asia Infrastructure Fund (EAAIF), Dutch Entrepreneurial Development Bank (FMO) and German investor Deutsche Investitions- und Entwicklungsgesellschaft (DEG) have invested €84 million (US$89.2 million) into AXIAN Energy’s Kolda solar-plus-storage portfolio in Senegal.

AXIAN Energy, which is headquartered in Madagascar, will build two PV plants with a combined capacity of 60MW, and a co-located 72MWh battery energy storage system (BESS) in Kolda, southern Senegal. The company plans to commission the projects in 2026, and will be funded by €30.5 million (US$32.4 million) in debt from EAAIF and FMO, plus €23 million (US$24.4 million) in debt from DEG.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“Investment in BESS technology will be crucial for assuring the continent’s transition to low carbon economies by supporting additional renewable energy capacity on the grid,” said Tidiane Doucoure, EAAIF fund manager. “This transaction is an important step towards that objective, and we are proud to lead the investment drive, reinforcing our mandate to invest in transformative infrastructure projects in Africa and Asia.”

AXIAN Energy has commissioned solar projects across Africa, including the 30MW Nagreongo project in Burkina Faso, the 15MW Port of Bargny project in Senegal and the 8.5MW Kigali project in Rwanda. It also operates the Ambatolampy project, which includes 40MW of solar capacity and 5MWh of storage, in Madagascar, so has experience in the solar-plus-storage space.

The EAAIF is supported by a number of private investors, including Allianz and Standard Bank, and has invested in infrastructure projects worth over US$2.5 billion across Africa and Asia. However, the AXIAN investment is the fund’s first move into the solar space, following its backing of a biomass plant in the Cote D’Ivoire and a hydropower dam in Gabon.

Co-located solar and storage projects have become popular in Africa, as a means to meet electricity demand in a region that can lack widespread functional grid infrastructure, particularly in South Africa. In April, South Africa opened the largest solar-plus-storage plant in the southern hemisphere, following progress at solar-plus-storage projects owned by Scatec and TotalEnergies in December 2023, as the country looks to minimise load shedding.

“On completion, the Kolda project will provide essential grid stabilisation and ancillary services to Senegal’s utility company, Senelec, in addition to increasing the supply of much-needed clean and affordable electricity to the people and businesses of Senegal, including in the southern region of Casamance,” said FMO management board member Huib-Jan De Ruijter.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

October 13, 2025
The world is on pace to exceed 3TW of cumulative solar installations by the end of the year, according to a report from DNV.
October 13, 2025
US solar manufacturer T1 Energy has acquired a minority stake in fellow US-based solar cell producer Talon PV.
October 9, 2025
The Australian government has announced the results of the fourth Capacity Investment Scheme (CIS) tender, with 6.6GW of renewables awarded long-term contracts.
October 9, 2025
Solar PV is the world’s cheapest technology to generate electricity, according to a study from the University of Surrey, in the UK.
October 9, 2025
Entergy Arkansas has announced plans to build a 600MW solar-plus-storage project to support a new data centre to be built by Google.
October 9, 2025
Chinese inverter and storage manufacturer Sungrow has revealed details of its planned flotation on the Hong Kong Stock Exchange.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK