Burkina Faso is set to take a major step towards overcoming one of the world’s largest electricity access gaps after Africa Finance Corporation (AFC) reached financial close on funding for what will become the country’s biggest power plant.

In a country of 24 million, where only one in five people currently has access to electricity, AFC has successfully disbursed the first US$60 million tranche of a US$300 million corporate loan facility supporting development of the 119MW thermal power plant by Aksa Enerji Üretim A.?., Türkiye’s largest publicly listed power generation company.

The project is expected to transform Burkina Faso’s electricity system. The West African country currently imports approximately 60% of its power supply, leaving homes, businesses and industry vulnerable to supply disruptions and elevated energy costs, constraining industrialisation and economic growth. Once operational in 2027, the facility will reduce dependence on imported electricity by more than 50% while significantly strengthening domestic generation capacity. By delivering more reliable, lower-cost baseload power, the project is expected to improve energy security, attract private investment and create a stronger foundation for long-term economic growth.

The transaction marks AFC’s first investment in Burkina Faso, reinforcing the Corporation’s commitment to finance transformational infrastructure across every region of Africa. Expanding reliable electricity access remains central to AFC’s mission of accelerating industrialisation, strengthening economic resilience and unlocking sustainable growth.

The financing builds on AFC’s US$150 million corporate loan facility to Aksa Enerji in 2025, which supported the company’s utility-scale gas-to-power projects in Senegal and Ghana, including a 255MW brand new combined-cycle gas power plant in Senegal designed to use domestic natural gas and deliver more reliable and lower-emission baseload power. The successful execution of these projects established Aksa as a trusted partner in delivering large-scale energy infrastructure across Africa, providing the foundation for this expanded collaboration.

The financing underscores AFC’s strategy of partnering with experienced private-sector developers capable of delivering critical energy infrastructure at scale in markets where electricity shortages remain a major constraint on growth.

Samaila Zubairu, President & CEO of AFC, said: “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. Aksa shares our commitment to delivering the reliable energy infrastructure needed to power Africa’s industrial growth and long-term transformation.”

Cemil Kazanci, Chairman of Aksa Energy commented, “Burkina Faso represents an important milestone in our long-term commitment to Africa. 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.”

The investment further advances AFC’s broader strategy of strengthening national energy systems and enabling industrialisation through partnerships with experienced private-sector developers delivering transformational infrastructure across Africa.