AXIAN Energy secures 5 million from SEFA to revive stalled solar and hydro projects across six African countries, including Madagascar and Cte d'Ivoire.
The 60 MW Kolda Solar Park in Senegal, backed by EAAIF and FMO, aims to cut fossil fuel use and power 40 renewables by 2030.
AXIAN Group, led by Hassanein Hiridjee, now operates 150 MW of renewables in Madagascar, with over 1 GW of clean energy projects in development.
AXIAN Energy, the energy arm of the Pan-African AXIAN Group led by Malagasy businessman Hassanein Hiridjee, has secured a 5 million financing agreement from the Sustainable Energy Fund for Africa SEFA, a fund managed by the African Development Bank.
The funding will help several solar and hydroelectric projects across Africa, many of which have stalled due to a lack of early-stage financing, move beyond the planning phase.
Funding boost for African energy developersThis financial support reaffirms SEFAs role in helping local energy developers like AXIAN Energy bring their projects to life. The grant will focus on supporting work in Cte d'Ivoire, Mauritius, Mozambique, Madagascar, Sierra Leone, and Zambia. While early-stage project development often receives less attention, its a critical step in reducing risk and drawing in private investment.
This partnership with AXIAN Energy shows the real progress being made by African-led developers, said Kevin Kanina Kariuki, Vice President for Energy, Climate and Green Growth at the African Development Bank Group. Were proud to back projects that will lay the groundwork for a cleaner, more reliable energy future across the continent.
Kolda Solar Park boosts renewable goalsThe announcement comes as AXIAN Energy continues to grow its presence in West Africa, with one of its key projects being a planned 60-megawatt solar park with battery storage in Senegal . The project aims to provide more stable and cleaner electricity, while also cutting the regions reliance on fossil fuels.