• AXIAN Energy secured financial close for the 60 MW NEA Kolda solar project.
• Lenders committed about €84 million in debt for a project costing over €105 million.
• The plant includes 72 MWh battery storage to improve grid stability and supply power to 235,000 people.

Senegal has taken a new step in its energy transition by securing a 60 MW solar project aimed at improving electricity access and stability, particularly in the southern region.

On Tuesday, March 31, AXIAN Energy announced the financial close of the NEA Kolda solar plant through its chief executive officer, Benjamin Memmi.

Financial close secures the funding required to implement an energy project. It represents “the culmination of a long due diligence process, during which we successfully passed technical, legal, financial and environmental assessments, reviewing the project from all angles to ensure its viability,” said Benjamin Memmi, CEO of AXIAN Energy.

Financing Structure and Project Development

In November 2024, the Emerging Africa & Asia Infrastructure Fund (EAAIF), Dutch development bank FMO, and German institution DEG committed to mobilize about €84 million in debt to finance the Kolda solar project. Partners estimated the total project cost at more than €105 million, according to a joint statement.

AXIAN Energy started construction using its own funds in May 2025 in the Kolda region, well before completing financing, in order to “meet our commitments to the State of Senegal.”

The project includes a battery energy storage system (BESS) with a capacity of 72 MWh. It aims to supply electricity to around 235,000 people and to strengthen the stability of Senegal’s grid, particularly during peak demand periods, through storage integration.

A Step Forward in Energy Transition

In Senegal, the project aligns with the national objective to reach 40% renewable energy in the electricity mix by 2030 and to achieve universal access to electricity by 2029. Authorities have embedded this commitment in the national energy transition roadmap, including the Just Energy Transition Partnership and the Senegal Energy Compact presented at the “Mission 300” summit.

Battery storage remains limited in West Africa, although the World Bank and the Economic Community of West African States (ECOWAS) consider it a key lever to facilitate solar integration into power grids.

This article was initially published in French by Abdoullah Diop

Adapted in English by Ange J.A de Berry Quenum