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AXIAN Energy, the energy arm of the pan-African AXIAN Group led by Malagasy businessman Hassanein Hiridjee, has entered Zambia’s power market with the acquisition of the Bangweulu Solar PV plant, its first investment in the country, as the firm expands its renewable energy portfolio to support Zambia’s rising electricity demand.
The plant, located in the Kafue District of Lusaka Province, with an installed capacity of 54.3-megawatt spans 52 hectares and produces an average of 87 gigawatt-hours of electricity a year, enough to power roughly 82,500 homes.
The facility was developed under the World Bank’s Scaling Solar program, which helps accelerate private investment in solar energy in emerging markets. Financing for the project was provided by the International Finance Corporation (IFC) and the U.S. International Development Finance Corporation (DFC).
Strengthening Zambia’s clean energy push
The acquisition gives AXIAN Energy an 85.6 percent stake in the Bangweulu Solar PV plant, while the Industrial Development Corporation Zambia Ltd. (IDC) retains 14.4 percent. The transaction was completed on Thursday, Oct. 16, 2025, and represents AXIAN Energy’s second utility-scale solar facility connected to the grid in East Africa.
Company officials say the investment highlights AXIAN’s long-term commitment to supporting Zambia’s energy transition and contributing to local economic growth. “We are writing a new chapter with this acquisition,” said Benjamin Memmi, chief executive officer of AXIAN Energy.
He continued: “It’s the beginning of a series of projects designed to make a tangible difference in people’s lives — by expanding access to reliable power, encouraging energy inclusion, and creating new opportunities across the regions we serve.”
The acquisition reaffirms AXIAN Energy’s position as a growing force in Africa’s renewable energy sector, as the company now operates across West, East, and Southern Africa, expanding access to dependable, affordable, and sustainable energy solutions.
A growing pan-African group
Madagascar-based AXIAN Group, led by Hassanein Hiridjee, operates across six African nations with interests in energy, finance, telecom, and real estate, emerging as the country’s largest power producer and a regional champion of sustainable enterprise. AXIAN Energy currently manages roughly 150 megawatts of renewable energy and has over 1 gigawatt in development.
Recently, AXIAN Energy backed a $58 million solar project in Ivory Coast to boost renewable power supply and in August partnered with Sika Capital on a $53 million solar initiative in Benin to deliver electricity to 50,000 homes. The acquisition of Bangweulu Solar PV marks another step in Hiridjee’s broader effort to promote inclusive and sustainable development across Africa — through investments that link growth with long-term community impact.
