Benin's first private solar portfolio: €30 million (about $34 million) for 62 megawatts across four projects

Benin has solar sunshine in abundance and, until now, no privately built solar power at all. That changes with a financing package announced on 2 November: Axian Energy has secured €30 million (about $34 million) from the International Finance Corporation and Proparco, the French development finance institution, for four solar projects totalling 62 megawatts — the first solar portfolio in the country developed by an independent power producer. Proparco notes the portfolio will equal nearly 10% of Benin's currently installed electrical capacity. French contractor Sagemcom will build the plants and run them for their first two years. 'Beyond the megawatts and the millions of euros,' Axian Energy's chief executive Benjamin Memmi wrote, 'this project represents, above all, a major step forward in opening up Benin's energy sector to private investment.'

SDG 7 · Affordable and clean energy — Mechanism: funding & finance