Grace Ashiru
The Emerging Africa Infrastructure Fund (EAIF), a subsidiary of the Private Infrastructure Development Group (PIDG), has pledged a senior secured loan facility worth $30 million to AXIAN Energy. This financial commitment is integral to AXIAN Energy’s growth strategy, which aims to establish more than 460 Megawatts (MW) of utility-scale renewable energy generation capacity throughout Africa in the coming decade. While initially concentrated on oil and gas distribution, AXIAN Energy has strategically transitioned its focus to renewable energy since 2017.
The support from EAIF enhances AXIAN’s efforts to acquire, develop, and execute utility-scale solar projects in various African regions, with a strong focus on sustainability. EAIF’s Project Development Facility tackles the challenges of developing greenfield projects in emerging markets, ensuring their feasibility and appeal to potential investors.
This investment aligns perfectly with EAIF’s overarching goal of improving energy access, which will directly benefit AXIAN Energy Group’s initiatives in rural areas with limited access to power.
Benjamin Memmi, the CEO of AXIAN Energy, expressed, “This facility represents a significant milestone in our pursuit of sustainable development and energy inclusion across Africa. The infusion of funds from EAIF will not only accelerate our transition to renewable energy but also strengthen our unwavering commitment to providing clean and accessible power to communities across the continent.”
“This financial support from EAIF is a significant boost to our growth, highlighting AXIAN Group’s unwavering commitment to making a positive impact on Africa’s socio-economic development through sustainable energy solutions that adhere to international environmental standards. EAIF will also play a crucial role in our project financing efforts.”
Tidiane Doucoure, Director at Ninety One and the fund manager of EAIF, underscores the importance of backing projects like AXIAN Energy to address challenges in emerging markets, particularly in the current inflationary environment.
