FMO Backs Côte d’Ivoire’s 50 MW Solar Project with $62M

Dutch development bank FMO has committed up to $62 million in long-term financing for the 50 MWp Kong solar photovoltaic project in northern Côte d’Ivoire, advancing the country’s efforts to expand renewable generation and diversify its electricity mix.

The financing agreement with the project company, Kong Solaire SAS, covers the project’s full long-term funding requirements over a 20-year tenor. The parties have also adapted conventional project finance structures to accommodate the challenges associated with infrastructure development in emerging West African markets.

Located near Kong, the facility is expected to generate approximately 96 GWh annually, providing electricity equivalent to the needs of around 240,000 people and avoiding an estimated 54,000 tonnes of carbon dioxide emissions each year.

Electricity will be sold to state-owned CI-ENERGIES under a 25-year power purchase agreement (PPA). Construction is under way, with commissioning targeted for 2028 following an estimated 18-month construction period.

Development finance supports private-sector investment

Kong Solaire brings together Africa Via, pan-African group AXIAN and the Private Infrastructure Development Group (PIDG), through its project development arm, InfraCo.

InfraCo holds a 49% stake in Kong Solaire, while Africa Via owns the remaining 51%. AXIAN holds 55% of Africa Via, giving it an indirect interest of approximately 28% in the solar project.

Africa Via has worked with the Ivorian government on the development since 2020. The financing milestone reflects the role of partnerships between development finance institutions and private-sector investors in bringing utility-scale renewable energy projects to fruition.

For PIDG, the project aligns with its strategy of mobilising private capital for infrastructure development across emerging markets. FMO, meanwhile, described the investment as its second solar energy commitment in Côte d’Ivoire, reinforcing its support for the country’s renewable energy sector.

Supporting Côte d’Ivoire’s renewable energy ambitions

The project is expected to contribute to Côte d’Ivoire’s target of increasing renewables’ share of its energy mix to 45% by 2030, while helping meet rising electricity demand with lower-carbon generation.

AXIAN has also highlighted local community development as a priority alongside the delivery of new energy infrastructure.

The investment comes as Côte d’Ivoire seeks to attract additional private capital into power generation and strengthen its energy supply. By combining long-term financing, private development expertise and a contracted electricity buyer, Kong Solaire provides a model for advancing solar infrastructure in West Africa.

Beyond its anticipated generation capacity, the project could help demonstrate how tailored financing arrangements can address investment barriers and support the development of privately funded renewable energy assets across the region.