Malagasy billionaire Hassanein Hiridjee’s Axian signs deal for 200 MW Zambia solar plant

Axian Group, the Madagascar-based conglomerate led by businessman Hassanein Hiridjee, has signed a power purchase agreement for a 200-megawatt solar plant in Zambia. The plant will be nearly four times the size of the solar farm Axian bought when it entered the country a year ago.

The agreement for the Kudu solar PV project was signed with Africa GreenCo, a Zambian power buyer and trader, during the Energy Forum for Africa 2026 in Lusaka, Green Building Africa reported. The plant will have an installed capacity of 200 megawatts AC, or 240 megawatts DC, and is expected to generate about 530 gigawatt-hours of electricity a year.

Standard Bank Group and its local unit, Stanbic Bank Zambia, are providing financial and advisory support as the project moves toward financial close and construction. The companies did not disclose the cost of the project or when construction will start.

Selling power across the region

Africa GreenCo buys electricity from independent producers and sells it to utilities, mining companies and other large customers, including through Southern Africa’s regional power market. That allows projects like Kudu to sell power beyond a single state utility.

The deal is part of a wider push to add solar power in Zambia, which relies on hydropower for more than 80% of its electricity. That dependence has left the country exposed to drought, which in recent years has cut output at its main dams and caused long power outages for homes and mines.

Axian’s growing Zambia business

Axian entered Zambia in October 2025, when its renewable energy arm, Axian Energy, bought an 85.6% stake in the 54.3-megawatt Bangweulu solar plant in Kafue District. South Africa’s Industrial Development Corporation holds the rest. Bangweulu sells its power to state utility ZESCO under a 25-year contract and was built under the World Bank Group’s Scaling Solar program.

At the time, Axian Energy chief executive Benjamin Memmi said the acquisition was the start of a broader investment program in the country.

Axian Group has interests in telecoms, energy, financial services and real estate across Africa. Its energy arm runs solar and other power projects in East, West and Southern Africa and has been expanding into new markets as African governments seek private investment to close power shortages.