Madagascar billionaire Hassanein Hiridjee’s AXIAN secures up to $62 million for Ivory Coast solar plant expected to power 240,000 people

A solar project backed by Madagascar billionaire Hassanein Hiridjee’s AXIAN Group has secured up to $62.3 million (€55.5 million) in long-term financing from the Dutch development bank FMO. The financing will support the construction of the 50-megawatt Kong Solaire photovoltaic plant near the town of Kong in northern Ivory Coast.

• FMO is providing up to $62.3 million for the 50-megawatt Kong solar project in Ivory Coast.
• AXIAN has an indirect stake of about 28% in the project through Ivorian developer Africa Via.
• The plant is expected to supply electricity to about 240,000 people after commissioning in 2028.
• It will sell electricity to state-owned CI-ENERGIES under a 25-year agreement.

FMO is providing all the project’s required long-term debt through a financing package with a 20-year tenor.

The plant is already under construction and is expected to enter service in 2028 after an estimated construction period of 18 months.

Once operational, it is projected to generate about 96 gigawatt-hours of electricity annually, supplying enough power for approximately 240,000 people.

AXIAN and its partners announced the financing agreement⁠ in October. The transaction involves FMO, AXIAN, Ivorian renewable-energy developer Africa Via and InfraCo, the infrastructure development arm of the Private Infrastructure Development Group.

AXIAN’s indirect stake in the solar project

AXIAN is an important shareholder in the project but does not own it outright. Kong Solaire SAS, the project company, is 51% owned by Africa Via, while InfraCo holds the remaining 49%.

AXIAN owns 55% of Africa Via, with the Ivorian developer’s founders retaining 45%. This gives Hiridjee’s group an indirect interest of approximately 28% in the solar plant.

The project’s ownership structure combines local development experience from Africa Via, AXIAN’s regional energy operations and InfraCo’s infrastructure-development capital.

Electricity generated by the plant will be sold to Ivory Coast’s state-owned utility, CI-ENERGIES, under a 25-year power-purchase agreement. The contract provides a long-term buyer for the electricity and supports the project’s ability to repay its debt.

The plant is expected to prevent approximately 54,000 tonnes of carbon dioxide emissions annually by replacing some electricity generated from fossil fuels.

“With an installed capacity of 50MWp, the project will help diversify the national energy mix and meet growing electricity demand with clean, competitive power,” AXIAN Energy chief executive Benjamin Memmi said.

Hassanein Hiridjee expands AXIAN across Africa

Hiridjee built AXIAN from a Madagascar-based family business into a diversified pan-African group operating in telecommunications, financial services, energy, property and digital infrastructure.

The group reported turnover of $2.75 billion in 2024 and employs about 9,700 people. Its businesses operate across numerous African markets, including Madagascar, Tanzania, Togo, Senegal and Ivory Coast.

Hiridjee and members of his family continue to control AXIAN. His wealth was estimated at approximately $1.2 billion (€1.1 billion) in 2025, placing him among Madagascar’s richest business figures.

Energy has become an increasingly important part of the conglomerate’s expansion. AXIAN says it operates more than 200 megawatts of renewable-energy capacity through projects ranging from utility-scale power plants to decentralised solar systems.

The Kong project strengthens AXIAN’s position in Francophone West Africa and gives the company a stake in one of Ivory Coast’s first privately developed utility-scale solar facilities.

Ivory Coast is seeking to increase renewable energy’s share of its electricity mix as demand rises alongside population growth and industrial expansion. The country plans to expand solar capacity to more than 1.3 gigawatts by 2035.

The transaction marks FMO’s second solar investment in Ivory Coast. AXIAN, founded by Hiridjee, gains another long-term infrastructure asset as the Madagascar-founded conglomerate expands beyond telecommunications and financial services into power generation.