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Axian reaches financial close on Senegal solar-plus-storage project

PV Tech · last updated

Axian began work on the project last year using its own funds, but has now reached financial close on a €72 million (US$82.9 million) financing deal first announced last year with the Emerging Africa and Asia Infrastructure Fund (EAAIF), the Dutch development bank FMA and DEG, the German development finance institution.

Axian said the Kolda project would form a key pillar in Senegal’s goal to increase the share of renewables in its electricity mix to 40% by 2030.

The power produced from the installation will be sold to utility Senelec under a 25-year power purchase agreement (PPA). Axian said the integration of battery storage will enhance grid resilience during peak demand periods and support the increasing penetration of renewable energy into the national mix.

Commissioning of the project is scheduled for the end of November 2026.

Axian operates across Africa, with projects in Mali, Rwanda and Madagascar, among others. The company said it has 355MW of renewables capacity already installed and a further 77MW under development.

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