Africa Finance Corporation Closes €43 Million Green Bond To Fund 66 MW Solar Project In Côte d’Ivoire

The Africa Finance Corporation (AFC) has announced the financial close and disbursement of €43 million for the Poro Power Green Bond, marking a major step forward for clean energy development in Côte d’Ivoire. This deal is being seen as the first-ever project finance green bond in the country and across the West African Economic and Monetary Union (WAEMU).

The bond is part of a €65 million dual-currency facility structured in Euros and CFA francs. It will be used to build a 66 MW solar power plant in the Korhogo region in northern Côte d’Ivoire. Once completed in 2027, the project is expected to become the largest solar power plant in the country. The initiative highlights a shift in infrastructure financing, as it has been fully led, arranged, and funded by African institutions rather than relying on international investors.

The project is expected to bring strong environmental and social benefits. It will provide clean electricity to more than 100,000 households and reduce carbon emissions by over 72,000 tons each year. This supports Côte d’Ivoire’s target of increasing the share of renewable energy in its power mix to 45% by 2030. The dual-currency structure also helps reduce currency risk, which is a major challenge in infrastructure projects across Africa. It allows the project to access local funding while maintaining stability through international currency support.

According to Samaila Zubairu, the deal shows how African institutions are becoming more capable of funding large-scale projects using domestic capital. He said the bond provides a scalable model that can be used for future infrastructure projects across the continent. Jean-Marc Aie, Chairman and CEO of Poro Power 1 S.A., also described the bond as a major milestone for the WAEMU region. He noted that government support has played an important role in enabling private developers to take part in large renewable energy projects.

The AFC has already been involved in major infrastructure projects in Côte d’Ivoire, including the Henri Konan Bédié Bridge in Abidjan and the Singrobo-Ahouaty hydropower project, the country’s first private hydro independent power project.

With construction set to begin in Korhogo, the Poro Power Green Bond is expected to serve as an example for future projects. It shows that African countries can use local capital markets and innovative financial structures to support sustainable energy growth and reduce dependence on external funding.