Malagasy tycoon Hassanein Hiridjee’s AXIAN Energy gets $5 million for renewable projects

Key Points

• AXIAN Energy secures $5 million from SEFA to revive stalled solar and hydro projects across six African countries, including Madagascar and Côte d’Ivoire.
• The 60 MW Kolda Solar Park in Senegal, backed by EAAIF and FMO, aims to cut fossil fuel use and power 40% renewables by 2030.
• AXIAN Group, led by Hassanein Hiridjee, now operates 150 MW of renewables in Madagascar, with over 1 GW of clean energy projects in development. 

AXIAN Energy, the energy arm of the Pan-African AXIAN Group led by Malagasy businessman Hassanein Hiridjee, has secured a $5 million financing agreement from the Sustainable Energy Fund for Africa (SEFA), a fund managed by the African Development Bank.

The funding will help several solar and hydroelectric projects across Africa, many of which have stalled due to a lack of early-stage financing, move beyond the planning phase.

Funding boost for African energy developers

This financial support reaffirms SEFA’s role in helping local energy developers like AXIAN Energy bring their projects to life. The grant will focus on supporting work in Côte d’Ivoire, Mauritius, Mozambique, Madagascar, Sierra Leone, and Zambia. While early-stage project development often receives less attention, it’s a critical step in reducing risk and drawing in private investment.

“This partnership with AXIAN Energy shows the real progress being made by African-led developers,” said Kevin Kanina Kariuki, Vice President for Energy, Climate and Green Growth at the African Development Bank Group. “We’re proud to back projects that will lay the groundwork for a cleaner, more reliable energy future across the continent.”

Kolda Solar Park boosts renewable goals

The announcement comes as AXIAN Energy continues to grow its presence in West Africa, with one of its key projects being a planned 60-megawatt solar park with battery storage in Senegal. The project aims to provide more stable and cleaner electricity, while also cutting the region’s reliance on fossil fuels.

Once completed, it will be among the largest of its kind in West Africa, combining photovoltaic technology with two battery systems (each with a 10 MW/45 MWh capacity). The facility is expected to begin operations by 2026, although the total contract value has not been disclosed.

When up and running, the Kolda solar park will support Senegal’s target of sourcing 40 percent of its electricity from renewables by 2030. It will feed additional power into the national grid, improving supply and reducing blackouts.

The project is estimated to cost over €105 million ($119.5 million) and is backed by financial support from the Emerging Africa & Asia Infrastructure Fund (EAAIF), Dutch development bank FMO, and Germany’s DEG.

AXIAN powers Madagascar’s energy shift

Headquartered in Madagascar, AXIAN Group operates in six countries and spans sectors including energy, finance, telecommunications, and real estate. Under Hiridjee’s leadership, the group has become the largest energy producer in Madagascar and a vocal supporter of sustainable development. Through AXIAN Energy, it currently operates 150 megawatts of renewable energy projects, with more than 1 gigawatt under development.