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The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has committed a US$ 30 million senior secured loan facility to AXIAN Energy, as part of the company’s expansion plan to deliver more than 460 Megawatt (MW) of utility-scale renewable energy generation capacity across Africa over the next decade.

Established in 2001 initially through its subsidiary Jovena, AXIAN Energy, became a leader in oil and gas distribution and since 2017 has embarked on a strategic plan to reposition itself and expand its activities in the renewable energy sector.

EAIF’s investment bolsters AXIAN’s ambition to grow its green energy divisions and diversify the Group’s activities with the acquisition, development, and execution of greenfield utility-scale solar projects in geographies including Senegal, Madagascar, Mozambique, Tanzania, Sao Tome & Principe, Cabo Verde, Gabon, Rwanda, and beyond.

With its Project Development Facility, EAIF aims at addressing one of the key challenges faced by emerging and frontier markets with the development of greenfield projects according to international standards that will ensure their bankability and attractiveness at the end of the development phase.

EAIF’s support to AXIAN Energy will catalyse the successful development and financing of greenfield renewable projects, increase the use of clean power for businesses and households, and create jobs – hence, significantly improving the livelihoods of citizens across the continent.

Furthermore, the investment forms part of EAIF’s mission to improve energy access and will benefit the AXIAN Energy Group’s companies focusing on distributed energy in rural areas – where there is little or no access to stable power to households and businesses.

Speaking about the investment, Benjamin Memmi, CEO at AXIAN Energy, said, “This facility marks a pivotal moment in our journey toward sustainable development and energy inclusion across Africa. The infusion of EAIF funds will not only propel our transition to renewable energy but will also bolster our unwavering dedication to delivering clean and accessible power to communities throughout the continent. 

This financial commitment from EAIF serves as a catalyst for our growth, underscoring AXIAN Group’s steadfast commitment to making a positive impact and contributing to the socio-economic development of Africa through accessible and sustainable energy solutions according to international environmental standards. EAIF will also play a pivotal role in our deployment through project finance.”

Commenting on the transaction, Tidiane Doucoure, Director at Ninety One, fund manager of the Emerging Africa Infrastructure Fund, said, “With this financing, we are targeting the challenges associated with the development of bankable projects in emerging markets. In the current inflationary environment with high construction and financing costs, developers in emerging markets need more than ever the support of financiers to think outside the box in order to address the many obstacles faced. We are thrilled to back AXIAN Energy and their ambitious energy transition plan, which will support the strategic repositioning of the Group and enable the provision of clean energy across the continent.”