AXIAN Energy, a renewable energy project developer, has closed €72 million (~$83 million) financing for the NEA Kolda photovoltaic project in the Casamance region of Senegal.
The financing was structured by the Emerging Africa and Asia Infrastructure Fund (EAAIF) and FMO (Netherlands’ Entrepreneurial Development Bank), acting as arrangers, alongside the DEG-Deutsche Investitions- und Entwicklungsgesellschaft.
The project has an installed capacity of 60 MWp combined with 72 MWh of battery energy storage. Construction began in May 2025, funded through the company’s own resources.
Benjamin Memmi, CEO of AXIAN Energy, stated, “AXIAN Energy, committed to meeting the commercial commissioning schedule with Senelec and Senegalese authorities, and in recognition of the trust placed in us, began construction in May 2025 using our own funds. This financial close with our partners demonstrates our shared commitment to delivering clean and accessible energy, while also serving as a catalyst for local development, generating tangible and lasting benefits at the regional level.”
Commercial operations are expected to commence in November 2026, with the project projected to generate approximately 91 GWh of clean electricity annually. The project is expected to support Senegal’s goal of increasing the share of renewables in its electricity mix to 40% by 2030.
The clean electricity produced will be secured for the national grid under a 25-year Power Purchase Agreement (PPA) with Senelec, supplying power to more than 235,000 Senegalese households.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
In March 2026, Primergy, a renewable energy project developer and portfolio company of Quinbrook, secured a refinancing through a $600 million private placement of senior secured notes, together with a $160 million letter of credit facility for its Gemini Solar + Storage project. Since 2024, the project has been supplying energy from its site in Clark County, Nevada, U.S.
