Table of Contents
Axian Energy, the renewable energy subsidiary of Hassanein Hiridjee's Madagascar-based AXIAN Group, has reached financial close on the NEA Kolda project in Senegal, a 60MW solar farm combined with a 72MWh battery energy storage system that is described as the largest solar-plus-storage facility in West Africa. The close was announced on April 2, 2026.
The project is located in the Casamance region of southern Senegal, an area historically underserved by the national grid. Total project cost is approximately €90 million, with debt financing of €72 million structured by the Emerging Africa and Asia Infrastructure Fund and the Netherlands' entrepreneurial development bank FMO as co-mandated lead arrangers, alongside Germany's Deutsche Investitions- und Entwicklungsgesellschaft as co-arranger.
Construction began in May 2025 using Axian Energy's own funds ahead of the financial close, an approach that compressed the development timeline and demonstrated the company's confidence in completing the financing. Commissioning is scheduled for the end of November 2026.
Under a 25-year power purchase agreement with Senelec, Senegal's national electricity utility, power generated at NEA Kolda will be supplied directly into the national grid. The plant is expected to produce approximately 91 GWh of electricity annually, enough to serve an estimated 235,000 households. The battery storage component will provide three hours of supply during evening peak demand periods, improving grid stability and supporting the integration of additional renewable capacity into Senegal's electricity system.
Axian Energy CEO Benjamin Memmi described the project as a demonstration of the company's commitment to energy inclusion on the continent. "The Kolda solar farm project reflects our dedication to contribute to energy inclusion in Senegal and across the continent. Through a fully renewable energy project, we will be able to provide clean solar energy to approximately 25,000 households in the Casamance region. By integrating innovative battery storage technology, we are setting a new standard for sustainable energy projects in the region," Memmi said.
The NEA Kolda close arrives as Axian Energy positions itself as one of the fastest-growing renewable energy developers in Africa. The company currently has 350MW of installed capacity and 77MW under development, and is targeting 2GW of total installed capacity by 2030. Starting construction on equity before debt financing was formalised is uncommon in African infrastructure development and signals the increasingly competitive dynamics among developers seeking to secure pipeline in high-demand markets.
Senegal has set a target of sourcing 40% of its electricity from renewables by 2030. The country has attracted growing interest from international development finance institutions backing solar projects as it scales up generation capacity ahead of anticipated increased electricity demand linked to its nascent oil and gas sector.
AXIAN Group, the parent company, is a pan-African conglomerate founded by Hiridjee with interests spanning telecommunications, financial services, real estate and energy across more than 15 African countries. Axian Energy's closing of the NEA Kolda project represents the group's most significant single renewable energy financing to date and extends its footprint in West Africa alongside existing operations in Madagascar, Tanzania and other markets.
