Axian Energy Secures $60m to Expand Renewables in Africa

Pan-African renewable energy developer Axian Energy has secured a $60 million financing package from Mauritius Commercial Bank (MCB) to accelerate the expansion of its renewable energy portfolio across Africa.

The financing comprises a $40 million revolving credit facility with a three-year tenor and an extension option, alongside $20 million in unfunded instruments, according to the lender.

Axian Energy said the funding will support new project development across its target markets as the company scales up investments in solar power and battery energy storage on the continent.

Financing supports expansion across key African markets

The company currently operates a renewable energy portfolio comprising 350 megawatts (MW) of installed generation capacity backed by 77 megawatt-hours (MWh) of battery energy storage.

Over the past two years, Axian Energy has expanded its footprint across Africa, with solar projects under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar and Burkina Faso.

Benjamin Memmi, Chief Executive Officer of Axian Energy, described the financing as a significant milestone that would strengthen the company's ability to pursue new investment opportunities and deepen its presence in existing and emerging markets.

"This transaction marks a key milestone in Axian Energy's growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets," he said.

The financing comes as renewable energy developers across Africa increasingly seek long-term capital to meet rising electricity demand, expand clean energy generation and support governments' efforts to improve energy access while reducing dependence on fossil fuels.