EAAIF, FMO, and DEG invest €84 million in Senegal solar projects
Author: PPD Team Date: 14/11/2024
The Emerging Africa & Asia Infrastructure Fund (EAAIF), the Dutch development bank FMO, and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) have collectively invested €84 million in two photovoltaic solar plants with battery storage systems in Senegal’s Kolda region.
These projects, operated by Axian Energy, will have a combined capacity of 60 MW with 72 MWh of battery storage to stabilize the grid and support evening peak demands.
The total project cost exceeds €105 million, with debt financing of €30.5 million each from EAAIF and FMO, and €23 million from DEG.
The projects are scheduled for completion by 2026, contributing to Africa’s green energy initiatives and establishing Senegal as a growing renewable energy hub.