• AXIAN acquires 85.6% stake in Zambia's Bangweulu Solar plant
• 54.3 MWp facility powers 82,500 homes under 25-year PPA
• Move marks AXIAN’s entry into Zambia, expands African footprint
  

AXIAN Energy, the renewables subsidiary of the AXIAN Group, announced on Thursday, October 16, that it has acquired an 85.6% controlling stake in the Bangweulu Solar PV plant, located in Zambia’s Kafue District. The Industrial Development Corporation of South Africa Ltd will retain the remaining 14.4% stake.

The 52-hectare facility has an installed capacity of 54.3 MWp and generates an average of 87 GWh of electricity annually—enough to power roughly 82,500 homes. Its output is sold to state utility ZESCO under a 25-year Power Purchase Agreement (PPA), part of the Scaling Solar Zambia program coordinated by the International Finance Corporation (IFC).

The project, developed at an estimated cost of $59 million, was initially built by a consortium including Neoen (55%), First Solar (25%), and the Industrial Development Corporation of Zambia (20%), operating as Zambian Sunlight One S.A.S. Financing comprised a $28 million IFC loan—half provided through the Canada Climate Change Program—and a parallel $14 million facility from the Overseas Private Investment Corporation (OPIC).

The transaction marks AXIAN’s entry into Zambia’s energy market and another milestone in its Africa-wide renewable energy expansion.

“We are writing a new chapter in our journey with the acquisition of this solar power plant in Zambia. It represents the starting point of a series of high-impact projects we are committed to delivering in the country,” said Benjamin Memmi, AXIAN Energy’s CEO. “Our ambition remains unchanged: to tangibly improve the lives of communities, foster energy inclusion, and create new development opportunities across the regions we serve.”

Now active in West, East, and Southern Africa, AXIAN is consolidating its position as a pan-African player in the energy transition. The company recently began construction on the Kong Solaire plant (50 MW) in Côte d’Ivoire and the NEA Kolda project (60 MW with 72 MWh of storage) in Senegal. Supported by partners such as FMO, DEG, and EAAIF, these initiatives reflect a steady expansion strategy focused on sustainability and regional integration.

In Zambia, AXIAN Energy joins a rapidly growing solar market driven by government plans to add 1,000 MW of capacity by the end of 2025.

Abdoullah Diop