The Africa Finance Corporation (AFC) has reached financial close on a funding agreement to develop Burkina Faso’s largest power plant, a major move aimed at addressing one of the world’s largest electricity access gaps. The multilateral financial institution has disbursed the first US$60 million tranche of a US$300 million corporate loan facility to support the construction of a 119MW thermal power plant by Aksa Enerji, Türkiye’s largest publicly listed power generation company.
Currently, only one in five people in Burkina Faso has access to electricity, forcing the country of 24 million to import roughly 60% of its power supply. This heavy reliance leaves local industries, businesses and households exposed to frequent supply disruptions and high energy costs. Scheduled to become operational in 2027, the new facility is expected to transform the national electricity system by cutting dependency on imported electricity by more than 50% and establishing a dependable domestic baseload.
“Reliable electricity is fundamental to economic transformation,” said Samaila Zubairu, President and CEO of AFC. “Without dependable power, countries cannot industrialise, businesses cannot grow and communities cannot realise their full economic potential.”
Expanding Regional Energy Infrastructure
The project represents AFC’s first direct investment in Burkina Faso, aligning with its ongoing strategy to partner with private-sector developers to build large-scale energy infrastructure. The transaction also builds on a prior US$150 million corporate loan facility extended to Aksa Enerji in 2025, which financed utility-scale gas-to-power projects in Senegal and Ghana, including a 255MW combined-cycle gas power plant in Senegal.
By delivering low-cost domestic power, the project aims to improve national energy security and create a more predictable environment for private investment.
“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,” noted Cemil Kazanci, Chairman of Aksa Energy, adding that the project marks a milestone in the company’s long-term commitment to Africa.
Proven Partners in Africa’s Development
Aksa Enerji operates across eight countries with a total capacity exceeding 3,500MW, handling all power plant installation processes in-house from design through to construction. Its shares are publicly traded on multiple global indices, including the MSCI Small Cap Index and FTSE Emerging Europe Mid Cap Index.
The partnership leverages AFC’s broader operational footprint. Established in 2007 to catalyze infrastructure investment across the continent, AFC now has 48 member countries and has invested more than US$19 billion across 36 African nations, focusing on project development, risk capital, and technical advisory services in core sectors like energy, transport and telecommunications.
