AXIAN, Caisse des Dépôts et Consignations du Bénin, IFC & PROPARCO join forces to expand access to clean, affordable energy in Benin

Benin – Cotonou, October 29, 2026 – AXIAN, a pan-African group, Caisse des Dépôts et Consignations du Bénin, International Finance Corporation (IFC), a member of the World Bank Group, and Proparco, the private sector financing arm of Agence Française de Développement (AFD) Group, announce the signing of €30 million in financing agreements for the IPP50 solar project. The agreements aim to increase domestic electricity generation, strengthen energy security and expand access to affordable renewable energy in Benin. The country's first independent power producer (IPP) solar project is expected to supply clean electricity to approximately 383,000 people, reduce reliance on imported electricity and avoid around 62,000 tonnes of CO₂ emissions annually.

The €30 million financing package is provided jointly by IFC and Proparco. IFC is also mobilizing resources from the Clean Technology Fund (CTF), an international fund dedicated to financing clean technologies in developing countries. The financing will support the construction and operation of four solar photovoltaic power plants with a combined capacity of 62 MWp in Natitingou, Djougou, Parakou and Bohicon. Once operational, the plants are expected to generate approximately 110 GWh of renewable electricity annually, equivalent to an increase of around 17% in domestic power generation over the 2028–2035 period.

A first for solar power financing in Benin

The IPP50 project, with a total project cost of €45 million, represents a significant step towards opening up Benin's power generation sector to private investment.

The project is also part of a public-private partnership structured around concession agreements granted by the Government of Benin, which is supporting its development and helping to establish a secure contractual framework.

The project contributes to Benin's National Energy Compact, which aims to provide approximately 928,000 additional households with access to electricity by 2030, raise the national electrification rate to at least 70%, and increase the share of renewables to 30% of the power generation mix.

Benjamin Memmi, CEO of AXIAN Group's Energy division, said: “IPP50's dry financial close marks a major milestone for AXIAN and the development of Benin's energy sector. This project, comprising four solar power plants with a combined capacity of 63 MW, reflects the ambition of the Beninese authorities to accelerate the country's energy transition, particularly through strong partnerships with the private sector. With IPP50, we are once again demonstrating our ability to bring together international partners and financing to turn a vision into tangible infrastructure that serves communities and supports economic development. Our partnership with Sika Capital, an investment vehicle jointly owned by Caisse des Dépôts et Consignations du Bénin and Egnon Consulting, also reflects our conviction that Africa's energy transition depends on strong local roots and long-term commitments. We intend to make IPP50 the first step towards a lasting and ambitious AXIAN presence in Benin. I would like to thank the Beninese authorities for their trust, as well as IFC, Proparco and all our partners for their commitment alongside us.”

Nathalie Kouassi Akon, World Bank Group Regional Director, added: “Financing the IPP50 project demonstrates the essential role of the private sector in accelerating Benin's energy transition. By supporting construction of the solar power plants alongside Proparco, IFC is helping mobilize long-term capital to expand the supply of clean electricity, strengthen the country's energy security and pave the way for further private investment in renewable energy.”

Tariye Gbadegesin, CEO of the Climate Investment Funds, said: “IPP50 demonstrates what concessional, catalytic finance can make possible. Our investment is helping to de-risk Benin's first private-sector partnership of this kind, enabling private investors to commit and construction to begin. These four solar power plants are expected to add 62 MW of clean power to Benin's grid, supporting the country's ambitious program to extend electricity access to nearly one million additional households by 2030.”

Sadio Dicko, Proparco's Regional Director for West Africa, said: “By supporting Benin's first-ever independent power producer project, Proparco is proud to help strengthen the country's electricity sector through competitive renewable energy. Alongside the Beninese authorities, AXIAN Group, Sika Capital, French contractor Sagemcom and IFC, this transaction reflects our commitment to Benin's energy sovereignty, in full complementarity with the work of AFD Group in the country.”

Maryse LOKOSSOU, Managing Director of CDC Bénin, said: “The IPP50 project fully reflects CDC Bénin's mission: to mobilize long-term capital to support the delivery of strategic infrastructure that contributes to our country's economic and social development. Through Sika Capital, our participation in this project demonstrates our commitment to investing alongside private operators and international financial partners to strengthen Benin's energy sovereignty over the long term. Beyond its contribution to the energy transition, this transaction demonstrates the value of investment models that combine institutional and private capital to finance the infrastructure essential to our country's development.”

The project also supports the objectives of Mission 300, a joint initiative of the World Bank Group and the African Development Bank to connect 300 million people in Africa to electricity by 2030.

Electricity generated by the plants will be sold to Société béninoise de production d'électricité (SBPE) under long-term power purchase agreements (PPAs). With 20-year concessions and commercial operations scheduled to begin in the first quarter of 2028, IPP50 is expected to make a lasting contribution to Benin's electricity supply.