- AXIAN Energy secures €72 million financing for the NEA Kolda solar project in Senegal, combining 60 MWp of solar capacity with 72 MWh of battery storage.
- The project advances Senegal’s renewable energy goals, powering 235,000 households and supporting the country’s target of 40% renewables by 2030.
AXIAN Energy has closed €72 million (~$83 million) in 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, acting as arrangers, alongside the DEG.
The NEA Kolda project features 60 MWp of solar capacity paired with 72 MWh of battery energy storage. Construction began in May 2025 using AXIAN Energy’s own funds. Benjamin Memmi, CEO of AXIAN Energy, stated that the early start demonstrates both the company’s commitment to meeting the commercial commissioning schedule with Senelec and the trust placed in the project by its financing partners.
Commercial operations are scheduled for November 2026. Once operational, the project will generate approximately 91 GWh of clean electricity annually, supplying power to more than 235,000 Senegalese households under a 25-year Power Purchase Agreement (PPA) with Senelec. The project also supports Senegal’s goal of increasing renewable energy’s share of the electricity mix to 40% by 2030.
Large-scale solar project funding in Africa grew 37% in 2025 compared with 2024, according to Mercom’s Annual and Q4 2025 Solar Funding and M&A report. In a related development, in March 2026, Primergy, a portfolio company of Quinbrook, refinanced its Gemini Solar + Storage project through a $600 million private placement of senior secured notes and a $160 million letter of credit facility. The project has been supplying energy from Clark County, Nevada, U.S., since 2024.