AFC Closes €43m Green Bond for 66MW Solar Plant in Côte d’Ivoire

The Africa Finance Corporation (AFC) has reached financial close and disbursed €43 million under the Poro Power Green Bond to finance a 66-megawatt solar power plant in northern Côte d’Ivoire.

In a press release seen by AEP, the transaction, structured as a €65 million dual-currency facility in euros and CFA francs, will support the development of what is expected to become the country’s largest solar installation once completed in 2027.

The Korhogo-based project is being developed by Poro Power and represents the first project finance green bond in both Côte d’Ivoire and the West African Economic and Monetary Union (WAEMU).

AFC said it acted as lead underwriter and co-arranger, helping structure the bond to mobilise African capital into long-term infrastructure financing. According to the corporation, the model is designed to strengthen regional capital markets and create a replicable framework for future sustainable energy projects across the continent.

Unlike traditional infrastructure deals in the region, the financing was fully arranged and funded by African institutions, marking a shift away from reliance on external capital providers.

Once operational, the solar plant is expected to contribute to Côte d’Ivoire’s broader energy transition goals, including its target of achieving 45 percent renewable energy in its electricity mix by 2030.

AFC President and Chief Executive Officer Samaila Zubairu described the transaction as evidence of growing capacity within African financial institutions to structure and deploy complex infrastructure financing solutions.

“This landmark transaction demonstrates the growing capacity of African institutions to mobilise domestic capital and expertise to deliver transformative infrastructure projects. We are not only helping to close the infrastructure gap, but also creating scalable, homegrown financing models that can be replicated across the continent. The Poro Power Green Bond sets a new benchmark for sustainable infrastructure financing in Africa,' he said

Poro Power Chairman and Chief Executive Jean Marc Aie said the issuance marks a milestone for both Côte d’Ivoire and the wider WAEMU region.

“The successful issuance of Poro Power's green bond marks a historic milestone for Côte d'Ivoire, representing the first-ever green bond issuance in the energy sector within the entire WAEMU zone. 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 Africa Finance Corporation (AFC) as Leader Underwriter and anchor investor.”

The deal adds to AFC’s growing portfolio in Côte d’Ivoire, which includes major infrastructure investments such as the Henri Konan Bédié Bridge in Abidjan and the Singrobo Ahouaty hydropower project.