AFC Anchors Groundbreaking Green Bond For Côte d’Ivoire Solar Project

The Africa Finance Corporation (AFC) has reached financial close on a landmark green financing in Côte d’Ivoire, marking a notable shift in how large-scale energy infrastructure is funded across the region. The institution has disbursed €43 million under the Poro Power Green Bond—recognised as the first project-finance green bond in both Côte d’Ivoire and the West African Economic and Monetary Union.

Structured as a €65 million dual-currency instrument denominated in euros and CFA francs (EUR/XOF), the facility will fund the development of a 66MW solar photovoltaic plant in the Korhogo region. The project, led by Poro Power, is slated for commissioning in 2027 and is expected to become the country’s largest solar installation.

AFC served as Lead Underwriter and Co-Arranger, playing a central role in designing the dual-currency structure. The transaction introduces a scalable financing template designed to unlock domestic institutional capital for infrastructure projects—an area that has historically relied on external funding sources. Market participants are likely to view this as a test case for broader capital market development within WAEMU.

From an operational standpoint, the solar facility is projected to displace more than 72,000 tonnes of CO₂ annually while supplying electricity to over 100,000 households. The project aligns with Côte d’Ivoire’s policy objective of lifting renewable energy’s share of the national generation mix to 45% by 2030.

AFC’s involvement underscores its expanding footprint in West African energy and transport infrastructure. Its prior investments in Côte d’Ivoire include the Henri Konan Bédié Bridge in Abidjan, which has significantly reduced urban congestion, and the Singrobo-Ahouaty Hydropower Project—the country’s first privately developed independent hydroelectric power project. More recently, the corporation supported the government in awarding road contracts valued at €691.6 million.

For energy sector stakeholders, the Poro Power transaction signals a maturing financing ecosystem—one increasingly capable of structuring, underwriting and funding complex infrastructure deals within the continent.