Malagasy conglomerate Axian has secured $60 million in financing to pursue its expansion across Africa. The funding, obtained from Mauritius Commercial Bank (MCB), will primarily support large-scale projects across the continent.
Axian signed the $60 million facility with MCB last week under the banner "Building Africa's Energy Future." The agreement includes a $40 million renewable credit line over three years, plus $20 million in undrawn financial instruments. "This structure provides Axian Energy with financial flexibility, enabling rapid mobilization of resources to seize development opportunities in our markets," the company explained.
Axian Energy CEO Benjamin Memmi stated: "This transaction marks a key milestone in Axian Energy's growth trajectory. It enables us to accelerate our two-year momentum by consolidating our renewable portfolio and strengthening our presence in new African markets."
Analysts view the financing as exemplary cooperation between African enterprises. "This agreement extends a long-standing partnership between Axian and MCB, two pan-African institutions sharing the same ambition to support infrastructure development and economic growth across the continent," officials noted.
Over two years, Axian's energy division has expanded significantly, broadening its renewable project portfolio in Senegal, Benin, Zambia, Côte d'Ivoire, and Madagascar. The energy segment now boasts 350 MW of installed renewable capacity backed by 77 MWh of storage capacity.
This positions Axian as a major contributor to the continent's energy transition, alongside players like ACWA Power, Norwegian giant Scatec, and Green Power. Axian aims to produce 2 gigawatts of renewable energy by 2030.
In October 2024, Axian acquired an 85.6% stake in Bangweulu Solar PV in Zambia, a 54.3 MWp facility producing approximately 87 GWhs annually. Months later, the group received roughly $1 million in grants from Norwegian agency Norad to support new projects in Zambia, Madagascar, Mozambique, and Sierra Leone.