AXIAN Energy announced the financial close of the NEA Kolda solar plant, securing funding for a 60 MW solar project in Senegal's southern region. The project represents a significant milestone in the country's energy transition efforts, with total costs exceeding USD 121.23 million.

Benjamin Memmi, CEO of AXIAN Energy, described the financial close as "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." Financial close secures the funding required to implement an energy project.

Financing Structure and Development Timeline

In November 2024, three major financial institutions committed approximately €84 million in debt financing for the Kolda solar project. The Emerging Africa & Asia Infrastructure Fund (EAAIF), Dutch development bank FMO, and German institution DEG formed the lending consortium. Partners estimated the total project cost at more than USD 121.23 million, according to a joint statement. AXIAN Energy began construction using its own funds in May 2025 in the Kolda region, well before completing the financing process. The company stated this early start was necessary to "meet our commitments to the State of Senegal."

Technical Specifications and Capacity

The NEA Kolda solar plant features a 60 MW capacity and includes a battery energy storage system (BESS) with 72 MWh capacity. The project aims to supply electricity to around 235,000 people and strengthen the stability of Senegal's grid, particularly during peak demand periods, through storage integration. The battery storage component addresses a critical need in West Africa, where such systems remain limited. The World Bank and the Economic Community of West African States (ECOWAS) consider battery storage a key lever to facilitate solar integration into power grids.

National Energy Transition Goals

The Kolda project aligns with Senegal's national objective to reach 40% renewable energy in the electricity mix by 2030 and 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. The solar plant represents a step forward in Senegal's broader energy transition strategy, focusing on improving electricity access and stability in the southern region. The project's battery storage system specifically targets grid stability improvements during peak demand periods.

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