Clifford Chance and Jones Day advised on the €72 million financing of the NEA Kolda solar project in Senegal.
AXIAN Energy has reached financial close for the NEA Kolda solar power plant with a battery energy storage system (BESS) in the Casamance region of Senegal. The project, with an installed capacity of 60 MWp combined with 72 MWh of storage, is the largest photovoltaic project with battery storage in West Africa. The development is backed by approximately €72 million in financing, structured by the Emerging Africa and Asia Infrastructure Fund (EAAIF) and FMO, alongside DEG.
The project is expected to generate around 91 GWh of clean electricity annually and will supply power to over 235,000 households under a 25-year power purchase agreement with Senelec. Commercial operations are anticipated to commence in November 2026, contributing significantly to Senegal’s renewable energy capacity and grid resilience.
Clifford Chance advised AXIAN Energy on the project development and financing, as well as construction aspects.
The team included Partner Delphine Siino Courtin and Associate Jorge Portocarrero in Paris, and Partners Edward Bretherton and Leonhard Rudolph, and Senior Associate Jonathan Forrest in London.
Jones Day advised the lenders, including the Emerging Africa & Asia Infrastructure Fund (EAAIF) and FMO, acting as co-mandated lead arrangers, alongside DEG, in connection with the financing of the project.
The team was led by Partners François-Guilhem Vaissier and Carine Mou Si Yan.
François Sarr & Associés advised the lenders on Senegalese law aspects of the transaction.
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