EAIF Commits US$30 Million to Axian Energy for Expanding Renewable Energy Projects in Africa

The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), has pledged a senior secured loan facility of US$30 million to AXIAN Energy. This investment is integral to AXIAN Energy’s plan to upscale its renewable energy generation capacity to over 460 Megawatts (MW) across Africa within the next decade.

Initially established in 2001 through its subsidiary Jovena, AXIAN Energy established itself in oil and gas distribution before strategically shifting focus to renewable energy since 2017.

The financial commitment from EAIF will significantly bolster AXIAN’s ambition to amplify its green energy initiatives. This investment aims to diversify the Group’s activities by acquiring, developing, and executing greenfield utility-scale solar projects in regions spanning Senegal, Madagascar, Mozambique, Tanzania, Sao Tome & Principe, Cabo Verde, Gabon, Rwanda, and beyond.

EAIF’s Project Development Facility intends to overcome the challenges faced by emerging and frontier markets by developing greenfield projects following international standards, enhancing their bankability and attractiveness for funding post-development.

This support from EAIF is poised to facilitate the successful development and financing of greenfield renewable projects. It aims to elevate the utilization of clean power for both commercial and residential purposes, generating employment opportunities and notably improving the lives of citizens across Africa.

Moreover, EAIF’s investment aligns with its mission to enhance energy accessibility. It will benefit AXIAN Energy’s subsidiaries focused on delivering distributed energy solutions in rural areas, where stable power remains scarce for households and businesses.

Benjamin Memmi, CEO at AXIAN Energy, expressed how this facility marks a significant moment in their commitment to sustainable development. The funding not only accelerates their transition to renewable energy but also emphasizes their dedication to delivering clean and accessible power to communities across the continent.

Tidiane Doucoure, Director at Ninety One, the fund manager of EAIF, highlighted the importance of this financing amidst the current inflationary environment. He emphasized EAIF’s support for AXIAN Energy’s ambitious energy transition plan, aiming to facilitate the strategic repositioning of the Group and the provision of clean energy on a continent-wide scale