Benin’s renewable energy sector is set to expand after AXIAN Energy secured €30 million in financing for four solar photovoltaic plants.
The funding comes from the International Finance Corporation and French development finance institution Proparco, both active in private-sector infrastructure in emerging markets.
The four facilities will together generate 62 megawatts, an amount that Proparco says will represent almost 10% of Benin’s current installed electricity capacity.
According to the developer, these will be the first solar projects built by an independent power producer in the country, marking a significant step towards increasing private sector participation in the country’s electricity generation market.
French engineering firm Sagemcom has been chosen to handle engineering, procurement and construction, and will also manage operations and maintenance for the first two years after the plants become operational.
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Benjamin Memmi, chief executive of AXIAN Energy, described the financing agreement as an important development in opening Benin’s energy sector to private investment.
Sadio Dicko, West Africa regional director of Proparco, emphasised the importance of supporting renewable electricity generation while encouraging further private investment in the country.
The project brings together several organisations, including AXIAN Energy Green, Sika Capital, IFC, and Proparco, reflecting collaboration between private developers and international development finance institutions.
The financing adds to AXIAN Energy’s growing portfolio of renewable energy projects across Africa. In October 2026, the company also secured a power purchase agreement with Africa GreenCo for a 240MW solar development in Zambia.
For Benin, the planned solar plants could help diversify electricity generation sources, reduce dependence on conventional energy infrastructure, and support long-term energy security. The development also illustrates the increasing role of international financing partnerships in advancing renewable energy investments across West Africa. Once operational, the facilities are expected to strengthen Benin’s domestic electricity supply and contribute to its broader energy transition objectives.