AXIAN Energy looking to deploy over 460 Megawatts (MW) of utility-scale renewable energy across Africa

The Emerging Africa Infrastructure Fund (EAIF), which is an affiliate of the Private Infrastructure Development Group (PIDG), has committed a senior secured loan facility amounting to $30 million to AXIAN Energy. This financial backing is pivotal for AXIAN Energy’s ambitious plan to deploy over 460 Megawatts (MW) of utility-scale renewable energy across Africa in the forthcoming decade. While the company initially carved its niche in oil and gas distribution, since 2017, AXIAN Energy has strategically pivoted its focus towards renewable energy.

EAIF’s backing fortifies AXIAN’s endeavours to conceptualize, develop, and implement utility-scale solar ventures across diverse African territories, emphasizing sustainability. Through EAIF’s Project Development Facility, the complexities associated with launching greenfield projects in emerging markets are addressed, ensuring both their viability and attractiveness to potential financiers.

This collaboration resonates seamlessly with EAIF’s broader mission of enhancing energy accessibility, directly amplifying AXIAN Energy Group’s outreach in underserved rural zones.

Benjamin Memmi, CEO of AXIAN Energy, remarked: “Securing this facility marks a pivotal juncture in our mission to foster sustainable development and energy inclusivity throughout Africa. The financial injection from EAIF will expedite our shift towards renewable energy sources while reinforcing our steadfast dedication to delivering clean, accessible energy to communities continent-wide.”

He also went on to add: “The financial backing from EAIF amplifies our growth trajectory, emphasizing AXIAN Group’s resolute commitment to catalyzing positive socio-economic shifts in Africa through eco-friendly energy solutions that meet global environmental benchmarks. EAIF’s involvement will be instrumental in steering our project financing endeavors.”

Tidiane Doucoure, Director at Ninety One and the overseer of EAIF’s fund management, accentuated the significance of endorsing ventures like AXIAN Energy to navigate the intricacies of emerging markets, especially within the prevailing inflationary climate.