- Project will cut electricity imports by more than 50% and strengthen domestic supply.
- First US$60 million disbursed to support country’s largest power plant.
- Only about 20% of the population currently has access to electricity.
Burkina Faso is set to strengthen its power sector after Africa Finance Corporation reached financial close on a US$300 million corporate loan facility to support development of a 119 MW thermal power plant in Ouagadougou.
The Corporation has already disbursed an initial US$60 million tranche to Aksa Enerji Üretim A.Ş., Türkiye’s largest listed power producer, which is developing the project. The investment marks AFC’s first transaction in Burkina Faso and reflects a broader push to scale up reliable electricity supply across underserved African markets.
In a country of 24 million people, electricity access remains among the lowest globally, with only around 20% of the population connected to the grid. Burkina Faso currently imports about 60% of its electricity, exposing the economy to supply disruptions and high energy costs that constrain industrial growth.
Once operational in 2027, the plant is expected to reduce reliance on imported power by more than 50% while improving grid stability. The facility will provide baseload generation using heavy fuel oil. Heavy Fuel Oil (HFO) is a thick, viscous, and low cost residual fuel left over from the petroleum refining process. It requires heating before it can be pumped and combusted in large industrial power plant engines. Improved reliability and lower costs are expected to support industrial activity and attract private sector investment.
The financing builds on AFC’s US$150 million facility extended to Aksa Enerji in 2025 for gas to power projects in Senegal and Ghana, including a 255 MW combined cycle plant in Senegal. That track record helped position Aksa as a key partner for delivering utility scale energy infrastructure in Africa.
AFC President and Chief Executive Officer Samaila Zubairu said reliable electricity remains central to Africa’s industrialisation agenda, noting that infrastructure decisions made today will shape the continent’s competitiveness by 2050. He added that partnerships with experienced developers are essential to delivering the scale of energy infrastructure required.
Aksa Energy Chairman Cemil Kazanci said the Burkina Faso project reflects the company’s long term commitment to Africa and will support energy security while improving supply reliability for millions of people.
The transaction aligns with AFC’s strategy of supporting large scale infrastructure that strengthens national energy systems and unlocks economic growth across the continent.
Author: Bryan Groenendaal
