Africa Finance Corporation Secures €43m Green Bond for Côte d’Ivoire Solar Project
In a statement, AFC said the facility forms part of a €65 million dual-currency bond structured in euros and CFA francs, designed to fund the construction of a 66-megawatt solar power plant in Korhogo, northern Côte d’Ivoire. The project, developed by Poro Power, is expected to become the country’s largest solar installation upon completion in 2027.
The corporation acted as Lead Underwriter and Co-Arranger for the transaction, which it described as the first project finance green bond in Côte d’Ivoire and across the West African Economic and Monetary Union.
According to AFC, the deal represents a shift in infrastructure financing on the continent, as the bond was fully structured and funded by African institutions, reducing reliance on international capital sources.
The solar plant is projected to cut more than 72,000 tonnes of carbon dioxide emissions annually while supplying electricity to over 100,000 households. The development aligns with Côte d’Ivoire’s goal of increasing the share of renewable energy in its power mix to 45 per cent by 2030.
President and Chief Executive Officer of AFC, Samaila Zubairu, said the transaction underscores the growing ability of African institutions to mobilise domestic capital for large-scale infrastructure.
“This landmark transaction demonstrates the growing capacity of African institutions to mobilise domestic capital and expertise to deliver transformative infrastructure projects,” he said, adding that the initiative provides a scalable model for future investments across the continent.
Also commenting, Chairman and CEO of Poro Power, Jean-Marc Aie, described the bond issuance as a historic achievement for the country and the WAEMU region, noting that it reflects strong policy support from the government and collaboration with AFC.
The project builds on AFC’s existing footprint in Côte d’Ivoire, including investments in key infrastructure such as the Henri Konan Bédié Bridge in Abidjan and the Singrobo-Ahouaty hydropower project. In 2024, the corporation also supported the government in awarding road contracts valued at €691.6 million.
The Poro Power Green Bond is expected to set a precedent for sustainable infrastructure financing in Africa, particularly in mobilising local capital for climate-friendly projects.
