Grid-scale

Finance for solar-plus-storage project in Senegal

Madagascar-based Axian Energy has obtained €84 million ($89 million) for a solar-plus-storage project featuring a 60 MW solar plant and a 72 MWh battery energy storage system (BESS) in southern Senegal.

By

Patrick Jowett

Nov 14, 2024

The Emerging Africa and Asia Infrastructure Fund (EAAIF), Dutch entrepreneurial development bank FMO, and Deutsche Investitions- und Entwicklungsgesellschaft (DEG) have announced an investment in a solar plant with a BESS in Senegal.

The three companies are investing €84 million in debt finance, consisting of €30.5 million from both EAAIF and FMO and €23 million from DEG.

The Kolda solar farm project, valued at €105 million, will feature a 60 MW photovoltaic system with 72 MWh of battery storage. It has been billed as the largest planned solar plant with BESS in West Africa to date.

Axian Energy is developing the project, in southern Senegal, scheduled for completion in 2026. The 60 MW system will supply power to about 235,000 people in underserved areas, with battery storage providing up to three hours of power during evening peak times.

FMO board member Huib-Jan De Ruijter said the project will stabilize the grid and offer essential services to Senegal’s utility, Senelec, while boosting affordable electricity for people and businesses, particularly in the Casamance region.

Senegal has set a target of reaching 40% of renewable energy capacity by 2030. Figures from the International Renewable Energy Agency (IRENA) show that the country had 263 MW of cumulative solar capacity at the end of 2023.

Axian Energy, a subsidiary of Madagascar-headquartered Axian, has renewable energy projects in operation across seven African countries and projects in the pipeline across eight more. Its operational projects have a combined capacity of 133 MW, which it aims to extend to 1 GW by 2030.

From pv magazine International.

Written by

Patrick Jowett
View author posts

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Comments Cancel reply

Projects & Applications

Walo battery to support Senegal’s state grid Construction has started on the Walo storage and PV project in Senegal. Africa REN has commissioned the large-scale solar and battery storage project to address Senegal’s grid constraints. Africa REN is working in partnership with Senelec, Senegal’s national electricity company to provide much-needed stability to the local grid to reduce power outages.

Jul 26, 2024

Containers of battery energy storage solution

Finance

Arizona’s largest energy storage project closes $513 million in financing In the USA, the 1,200 MWh Papago Storage project will dispatch enough power to serve 244,000 homes for four hours a day with the e-Storage SolBank high-cycle lithium-ferro-phosphate battery energy storage solution. Recurrent Energy, a subsidiary of Canadian Solar Inc. has secured $513 million in project financing for its Papago Storage project located in Maricopa County, Arizona.

Jun 21, 2024

Battery energy storage container

Opinion & Analysis

When will there be nationwide financing solutions for battery storage systems in Germany? The use of battery storage systems is essential for the success of the energy transition and the best possible use of renewable energies, but also for being able to temporarily store surplus energy from other sources. Technically, there are already solutions for all possible sizes of battery storage systems, from private home storage systems to large-scale storage systems with a capacity of more than 50 MWh. But what about the financing of battery storage systems, is it already offered as standard?

Nadine Bourgeois

Oct 04, 2024

Warrington field solar

Opinion & Analysis

Co-location, co-location, co-location Charles Lesser, who leads UK operations at Apricum, and Apricum Project Manager Alexandra Popova explain why the renewables consultancy is predicting a big rise in solar-plus-storage projects in Great Britain.

Alexandra Popova, Charles Lesser

Oct 24, 2023

Markets

Solar-plus-storage dominating future U.S. power grid A report from Berkeley Lab reveals a significant expansion of solar-plus-storage facilities in the U.S. power plant market, highlighting an evolution from frequency to arbitrage and curtailment mitigation markets. The best is yet to come, as ongoing price decreases are still being absorbed by the market and are already being used to fill the interconnection queues with terrawatts of capacity.

John Fitzgerald Weaver

Sep 26, 2024

Grid-scale

Banking on batteries in Chile The Chilean solar market is booming but as curtailment grows, a hybrid approach to generation is gaining ground. Storage project announcements are coming thick and fast as co-location with wind turbines offers cost efficiency and a smoother generation profile. Meanwhile, new capacity mechanism rules could take Chile one step closer to runaway battery growth.

Sep 18, 2024

This website uses cookies to anonymously count visitor numbers. View our privacy policy.