Burkina Faso is taking a major step toward reducing its dependence on imported electricity after securing financing for what will become the country's largest-ever power plant, a project expected to strengthen energy security and support industrial growth in one of West Africa's fastest-changing economies.
The Africa Finance Corporation (AFC) has reached financial close on a $300 million corporate loan facility to support the construction of a 119-megawatt thermal power plant by Turkish power producer Aksa Enerji Üretim A.Ş.
AFC has already disbursed the first $60 million tranche, marking the institution's first investment in Burkina Faso.
Expected to begin operations in 2027, the facility will become Burkina Faso's largest power plant and is projected to reduce the country's dependence on imported electricity by more than 50%.
The project addresses one of Burkina Faso's most pressing economic challenges. Nearly 60% of the country's electricity is imported from neighbouring countries, exposing businesses and households to supply disruptions and higher costs.
