Emerging Africa Infrastructure Fund commits $30m to AXIAN Energy
The Emerging Africa Infrastructure Fund has committed a $30 million senior secured loan facility to AXIAN Energy.
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The Emerging Africa Infrastructure Fund (EAIF) has committed a $30 million senior secured loan facility to AXIAN Energy as part of the company's expansion plan to deliver more than 460 MW of utility-scale renewable energy generation capacity across Africa over the next decade.
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.
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."
Commenting on the transaction, Tidiane Doucoure, director at Ninety One, fund manager of the EAIF, 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.”
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