Africa Finance Corporation (AFC) has reached financial close and disbursed €43mn under the Poro Power Green Bond, to be used to fund construction of a 66 MW solar power plant in the northern Korhogo region in Cote d’Ivoire
Structured as a €65mn dual-currency facility in euros and CFA francs, it marks the first project finance green bond in Cote d’Ivoire and across the West African Economic and Monetary Union (WAEMU).
The solar power plant, developed by Poro Power, is expected to be operational in 2027 and will become the country’s largest solar plant.
The solar plant is expected to provide electricity to more than 100,000 households and avoid over 72,000 tons of CO2 emissions annually, contributing to greater energy access and the country’s target of increasing the share of renewables in the energy mix to 45% by 2030.
AFC acted as lead underwriter and co-arranger, helping to structure the innovative dual-currency green bond that creates what it called a ‘replicable model’ for mobilising African capital into bankable infrastructure.
It also called the transaction a milestone for Côte d’Ivoire’s capital markets and for African infrastructure more broadly.
Historically, long-term infrastructure financing in the country has depended heavily on international capital.
By contrast, the Poro Power Green Bond was African-led, structured, and fully funded by African institutions.
Samaila Zubairu, president and CEO of AFC, said the Poro Power Green Bond sets a new benchmark for sustainable infrastructure financing in Africa.
“This landmark transaction demonstrates the growing capacity of African institutions to mobilise domestic capital and expertise to deliver transformative infrastructure projects,” said said Zubairu.
“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 transaction builds on AFC’s track record in Côte d’Ivoire across the power and transport sectors.
In the energy sector, it includes the 44MW Singrobo-Ahouaty hydropower project, Côte d’Ivoire’s first private hydro independent power producer.
Its investments in the country also include the 1.5km Henri Konan Bédié Bridge, which has eased congestion by 30% since commissioning and improved mobility in Abidjan.
In 2024, AFC also supported the Ivorian government in awarding six road development contracts worth €691.6mn.
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AFC reaches financial close on the Poro Power Green Bond (Image source: Adobe Stock)
