Four Solar Power Plants in Benin Secure €30 Million in Financing

en.Wedoany.com Reported - On October 29, AXIAN Energy, the energy business unit of pan-African conglomerate AXIAN, reached a financing agreement with the International Finance Corporation (IFC) and Proparco, the private sector financing arm of the French Development Agency, to provide €30 million in financing for the Benin IPP50 solar project. The project plans to build four photovoltaic power plants in Natitingou, Djougou, Parakou, and Bohicon in Benin, with a total installed capacity of approximately 62 MWp of PV modules. Total project investment is expected to be approximately €45 million.

The project is Benin's first solar project developed under the independent power producer (IPP) model, utilizing a government concession and public-private partnership (PPP) structure. Financing is provided by IFC and Proparco, with IFC also mobilizing support from the Clean Technology Fund (CTF). Once completed, the electricity generated will be sold to Benin's state-owned utility SBPE under a long-term power purchase agreement.

The four plants are expected to generate approximately 110 GWh per year, with commercial operation targeted for the first quarter of 2028. The project developer expects the additional power supply to enhance Benin's domestic generation capacity and supplement local electricity supply. Benin's national energy plan also proposes adding approximately 928,000 households to electricity access by 2030, raising the national electrification rate to at least 70%, and increasing the share of renewable energy in the generation mix to 30%.

The IPP50 project was initially advanced through a concession arrangement in 2022 and later taken over for development by AXIAN Energy. In the project materials, the "50 MW" in "IPP50" primarily corresponds to the AC-side output scale of the plants, while approximately 62 MWp refers to the DC-side installed capacity of PV modules—the two represent different measurement bases. The current commercial operation target for the four plants is the first quarter of 2028. Existing announcements do not disclose the individual capacity allocation for each site or detailed construction progress.