Burkina Faso secures $300m financing for largest-ever power plant

Burkina Faso has secured a $300 million financing package for the construction of its largest power plant, a 119-megawatt thermal facility expected to cut the country’s dependence on imported electricity by more than half and improve electricity access in one of Africa’s least electrified nations.

The financing, arranged by Africa Finance Corporation (AFC), reached financial close with the disbursement of an initial $60 million tranche to Aksa Enerji Üretim A.Ş., Türkiye’s largest publicly listed power generation company, which is developing the project.

The project marks a significant milestone for the West African country, where only one in five of its 24 million people currently have access to electricity, and about 60 percent of the power supply is imported from neighbouring countries.

Once commissioned in 2027, the 119MW plant is expected to strengthen Burkina Faso’s domestic generation capacity, reduce exposure to external supply disruptions and lower electricity costs for households, businesses and industries.

The investment comes as many African economies seek to expand power generation to support industrialisation, reduce energy deficits and attract private capital into critical infrastructure.

AFC said the project would reduce Burkina Faso’s reliance on imported electricity by more than 50 percent while providing reliable baseload power needed to stimulate manufacturing, mining and other productive sectors of the economy.

The financing also represents AFC’s first investment in Burkina Faso, expanding the corporation’s infrastructure portfolio across the continent.

The lender said the deal aligns with its strategy of partnering with experienced private-sector developers to deliver large-scale energy infrastructure in markets where inadequate electricity remains a major obstacle to economic growth.

The transaction builds on AFC’s $150 million corporate loan facility extended to Aksa Energy in 2025 to support utility-scale gas-to-power projects in Senegal and Ghana, including a 255MW combined-cycle gas-fired power plant in Senegal designed to run on domestic natural gas.

According to AFC, the successful execution of those projects laid the foundation for the expanded partnership in Burkina Faso.

Samaila Zubairu, President and Chief Executive Officer of AFC, said dependable electricity remains essential for Africa’s industrial ambitions.

“Africa’s path to industrialisation and global competitiveness by 2050 depends on the infrastructure decisions we make today. Reliable electricity is fundamental to economic transformation. Without dependable power, countries cannot industrialise, businesses cannot grow, and communities cannot realise their full economic potential,” Zubairu said.

He added that AFC and Aksa share a common objective of delivering the energy infrastructure required to support Africa’s long-term economic transformation.

Established in 2007, AFC has invested over $19 billion across 36 African countries, with 48 member states, financing projects spanning energy, transport, telecommunications, heavy industry, and natural resources.

Cemil Kazanci, Chairman of Aksa Energy, described the Burkina Faso project as another milestone in the company’s African expansion strategy.

“Together with AFC, we are delivering critical energy infrastructure that will strengthen energy security, support economic development and improve the reliability of electricity supply for millions,” Kazanci said.

Aksa Energy operates more than 3,500MW of installed capacity across eight countries and has developed over 40 power plants using natural gas, coal, hydro, solar, wind and battery storage technologies. The company has been expanding increasingly into African markets to address rising electricity demand and widening power deficits.