EAAIF, FMO, and DEG finance AXIAN Energy's solar power plant project in region of Kolda in Senegal
Client(s) Emerging Africa & Asia Infrastructure Fund (EAAIF), The; Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO); and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG)
Jones Day advised The Emerging Africa & Asia Infrastructure Fund (EAAIF) and the Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO), acting as co-mandated lead arrangers, alongside Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) in connection with a €84 million loan provided to AXIAN Energy to finance a 60 MW solar energy and 72 MWh energy storage system in Senegal. The overall investment is over €105 million, of which, €84 million of external debt.
Scheduled for completion in 2026, the Kolda solar power plant marks a milestone in the development of renewable energies in Senegal. It is the first solar project in the Casamance region and the largest photovoltaic project in West Africa to incorporate a Battery Energy Storage System (BESS).
With a capacity of 60 MW, the Kolda solar power plant will supply green electricity to almost 300,000 people, supporting Senegal's sustainable energy ambitions with a target of 40% renewable energy capacity by 2030. Equipped with a 72 MWh storage system, the plant will be able to supply power for three hours during evening peak periods, reinforcing the stability of the Senegalese power grid.
The lenders were also advised by François Sarr & Associés for the Senegalese law aspects.
