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AXIAN, a Madagascar-based pan-African infrastructure and energy group, has signed financing agreements of €30 million (~ $33.5 million) for the IPP50 solar project in Benin. The financing is being provided jointly by IFC and Proparco, while IFC is mobilising additional funds from the Clean Technology Fund. Four solar PV plants of 62 MW combined are to be built with it at Natitingou, Djougou, Parakou and Bohicon. Once they are in operation, the plants are expected to generate about 110 GWh a year. According to the release, that output would raise the domestic power generation of Benin by about 17% over the 2028-2035 period. IPP50, which has a total cost of €45 million (~ $50.2 million), is the first solar project of an independent power producer in the country. Its electricity is to be sold to SBPE under long-term power purchase agreements, and commercial operation is to begin in the first quarter of 2028.
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