Axian Energy, part of Madagascar-based Axian Group, announced it has secured €84 million in financing for a solar and battery project in Senegal. The project, called the Kolda project, will be located in the southern Casamance region of Senegal. This project is planned to be the largest solar photovoltaic (PV) and battery energy storage system (BESS) in West Africa. It will feature two solar PV plants with a combined 60-megawatt (MW) capacity and a battery system capable of storing 72 megawatt-hours (MWh) of energy.
The Kolda project is valued at over €105 million and is expected to be completed by 2026. The €84 million financing package was arranged by three development finance institutions, the Emerging Africa & Asia Infrastructure Fund (EAAIF) based in South Africa, the Dutch development bank FMO, and the German development finance institution DEG. EAAIF and FMO each contributed €30.5 million, while DEG provided €23 million.
Tidiane Doucoure, Director of Emerging Market Alternative Credit at Ninety One Group, which manages EAAIF, stated that, “battery technology is essential for Africa’s energy transition toward low-carbon sources. Adding to that the Kolda project is an example of how renewable energy can be added to existing power grids”. Axian Energy CEO Benjamin Memmi highlighted that this project will deliver clean energy to approximately 25,000 households in the Casamance region.
Huib-Jan De Ruijter from FMO’s Management Board described the project as a step forward in integrating solar and battery storage into Senegal’s energy system. Monika Beck, a member of DEG’s Management Board, added that the project helps shift Senegal’s energy sector away from fossil fuels and toward more sustainable sources. The BESS will provide up to three hours of backup energy during peak times in the evening.
