ParaBo SAS will implement the Parakou and Bohicon power plants, and NatiDjo SAS will implement the Natitingou and Djougou power plants. Both project companies are special purpose vehicle (SPV) incorporated in Benin and are each owned 80% by Axian Energy Green and 20% by Sika Capital.

Axian Energy Green is wholly owned by Axian Energy. With USD 455 million of revenues in 2023 and direct operations in 5 countries in Africa, Axian Energy is currently operating power plants for a total of approximatively 298MW with an additional 60MW capacity currently in the construction phase. Axian Energy has a target of 1GW of renewable capacity installed in Africa by 2030.

Sika Capital is a Benin-based investment vehicle founded in 2021, which operates across the entire renewable energy infrastructure lifecycle. It is owned 60% by Egnon Consulting, a Beninese advisory firm, which supported over 200 MW of renewable energy projects in West Africa. The remaining 40% is owed by the Caisse des Dépôts et Consignations du Benin, a government-owned financial institution investing in innovative projects in Benin.                                        

The total project cost is estimated at up to EUR [22.7] million for the ParaBo SPV (covering the Parakou and Bohicon plants) and up to EUR [18.8] million for the NatiDjo SPV (covering the Natitingou and Djougou plants). The proposed IFC investment is up to EUR [16.8] million, comprising of: i) up to EUR [9.2] million to ParaBo SAS; and ii) up to EUR [7.6] million to NatiDjo SAS.

The Parakou plant is located in the centre-west of Benin, about 340km north of Porto-Novo, the capital of Benin. The Bohicon plant is located near the cities of Bohicon and Abomey and about 100km north-west of Porto-Novo. The Natitingou plant is located southwest of the town of Natitingou, about 520km from Porto-Novo. The Djougou plant is located south of the town of Djougou, about 420km from Porto-Novo.