The Emerging Africa & Asia Infrastructure Fund (EAAIF), the Dutch entrepreneurial development bank (FMO), and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) have jointly announced an investment of €84 million in two photovoltaic solar plants with battery storage systems in the Kolda region of southern Senegal. These projects will be operated by Axian Energy. The total investment amount exceeds €105 million out of which €84 million was allocated for debt financing. EAAIF and FMO each contributed €30.5 million, while DEG provided €23 million.
Furthermore, the photovoltaic solar plants will have a capacity of 60 MW, complemented by 72 MWh of battery storage. The battery storage will improve grid stability by providing power during evening peak hours for up to three hours. The projects are expected to be completed by 2026.
Axian Energy, a division of Axian Group is a Pan-African developer of large-scale renewable energy projects. The company is dedicated to driving innovation in renewable energy while fostering energy inclusion across Africa. Africa is emerging as a prime hub for renewable energy investments, with several projects advancing the continent’s green energy goals. In September 2024, EIB and First Rand Bank announced an investment of €400 million in South Africa’s renewable energy projects. Meanwhile, in February 2024, Zimbabwe’s Optate Africa announced plans to develop a 200 MW wind farm near Plumtree which is a town in the country’s southwest.
