Pan-African independent power producer (IPP) Axian Energy has secured €30 million (US$33.7 million) in funding for a solar PV portfolio in Benin.
Consisting of four projects with a combined capacity of 62MW, the portfolio will constitute the first solar projects being developed in the West African country by an IPP, according to Axian.
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The financing will be provided by the International Finance Corporation (IFC) and French development finance institution Proparco.
According to Proparco, the solar PV portfolio will represent nearly 10% of Benin’s currently installed electrical capacity.
“Beyond the megawatts and the millions of euros, this project represents, above all, a major step forward in opening up Benin’s energy sector to private investment,” wrote Benjamin Memmi, CEO of Axian Energy, in a LinkedIn post.
The financing of Axian’s PV portfolio in Benin represents a further step in the company’s expansion in the continent and comes less than a month after it secured an offtake agreement for a 240MW solar power plant in Zambia.
The engineering, procurement, and construction (EPC) of the four projects will be carried out by French EPC contractor Sagemcom. It will also carry out the operations and maintenance of the PV portfolio during the first two years of operation. The company is active in the construction of grid-connected solar power plants on the continent.
Sadio Dicko, regional director of West Africa at Proparco, said: “By supporting this first project led by an independent power producer in Benin, we are helping to boost the local generation of competitive, renewable energy, while paving the way for further private investment in the sector.
“Alongside IFC, AXIAN Energy Green, and Sika Capital, this transaction reflects our commitment to the country’s energy sovereignty and illustrates the complementary nature of the AFD Group’s interventions.”
