Financial close and disbursement of approximately $50.69 million (43 million euro) has been reached under the Poro Power Green Bond, marking a shift in how West African infrastructure is funded.
The Africa Finance Corporation (AFC) led the deal, which represents the first project finance green bond in both Côte d’Ivoire and the West African Economic and Monetary Union.
The funds are earmarked for the construction of a 66MW solar plant in the northern Korhogo region, set to become the nation’s largest solar installation when it goes live in 2027.
The project is being hailed as a proof-of-concept for African self-sufficiency and is structured as a $76.61 million (65 million euro) dual-currency facility in euros and CFA francs.
Unlike previous long-term infrastructure projects in the region that relied heavily on international capital, the Poro Power Green Bond was entirely led, structured and funded by African institutions.
The landmark transaction demonstrates the growing capacity of African institutions to mobilise domestic capital and expertise to deliver transformative infrastructure while creating scalable, home-grown financing models for the continent, said Samaila Zubairu, president and CEO of the AFC.
The plant is a cornerstone of Côte d’Ivoire’s pledge to hit a 45% renewable energy mix by 2030. Once operational, the facility is expected to power over 100,000 households and offset more than 72,000 tonnes of carbon dioxide emissions annually, significantly expanding energy access while meeting climate goals.
This adds to the AFC’s deepening portfolio in the country, which already includes the Henri Konan Bédié Bridge in Abidjan and the 44MW Singrobo-Ahouaty hydropower project, the nation’s first private hydro independent power producer.
The initiative marks a historic milestone for the region, according Jean-Marc Aie, chairman and CEO of Poro Power 1 SA. Aie noted that the issuance was a direct result of a strategic push by the Ministry of Mines, Petroleum and Energy.
“This success is a direct result of the visionary strategy of the ministry, led by minister Mamadou Sangafowa Coulibaly, which paved the way for local private project developers like Poro Power to manage large-scale renewable energy infrastructure, with significant support from the AFC as leader underwriter and anchor investor,” Aie said.
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