Afreenergy Solar Secures $4.6M to Expand Solar and Storage

Afreenergy Solar has secured USD 4.6 million (EUR 4.3 million) in financing from the Private Infrastructure Development Group (PIDG) to scale operations in Senegal and deploy up to 30 MW of solar and up to 10 MWh of battery energy storage systems (BESS) for commercial and industrial (C&I) customers. PIDG is making the commitment through its project development arm, InfraCo.

The company, a unit of Mauritius-based independent power producer Afreenergy, plans to use the funds to deliver on-site solutions on a lease-to-own basis or through off-take agreements. It is targeting clients across the agro-industry, logistics and other energy-intensive industrial sectors. The capacity rollout is planned in two phases to meet demand and operational readiness.

Afreenergy Solar says the deployment supports its goal to expand over time into selected markets in West and Central Africa. The financing also contributes to the Senegalese government's target of increasing the share of renewable energy to 40% by 2030 as part of its Just Energy Transition Partnership, a EUR 2.5 billion agreement signed with G7 members in 2024, approximately USD 2.17 billion (EUR 2.5 billion).