• AFC disbursed €43 million for Côte d’Ivoire solar project

• Financing supports 66 MW plant to power over 100,000 homes

• Project highlights growing role of African-led green financing

Africa Finance Corporation (AFC), one of the continent's leading infrastructure solutions providers, said on Tuesday it had disbursed €43 million for the Poro Power green bond, out of a total of €65 million ($76.6 million).

We are pleased to share that we have reached financial close and disbursed €43 million under the Poro Power Green Bond, the first project finance green bond in Cote d’Ivoire and the West African Economic and Monetary Union (WAEMU).

Structured as a €65 million dual-currency… pic.twitter.com/CSWnrJt2bh

— Africa Finance Corporation (@africa_finance) April 14, 2026

The disbursement completes what AFC described as the first green project finance bond in the energy sector in Côte d'Ivoire and within the West African Economic and Monetary Union (WAEMU).

Led by AFC as lead subscriber and co-arranger, the transaction will fund the construction of a 66-megawatt solar power plant in northern Côte d'Ivoire, in the Korhogo region. The project, developed by Poro Power, is expected to be commissioned in 2027.

Once operational, the plant is expected to supply electricity to more than 100,000 households and avoid over 72,000 tonnes of CO₂ emissions annually. It will also support the country's target of raising the share of renewable energy in the energy mix to 45% by 2030.

Rapid Growth in Energy Demand

Amid strong demand growth, electricity consumption in Côte d'Ivoire is rising by about 10% per year, driven by economic and population growth. To address this, authorities are relying on diversifying the energy mix. In addition to renewables, the country is exploring nuclear power, particularly small modular reactors (SMRs), to secure long-term supply.

In this context, the 2022–2040 Production-Transport Master Plan projects an increase in installed capacity from 5,127 MW in 2030 to 8,604 MW in 2040, while maintaining the 45% renewable energy target.

Financing Led by African Institutions

A key feature of this first green bond issuance in the WAEMU energy sector is that it was structured and financed entirely by African institutions.

"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," AFC President and Chief Executive Officer Samaila Zubairu said.

With this transaction, AFC expands its presence in Côte d'Ivoire, where it has previously financed projects including the Henri Konan Bédié Bridge (1.5 km) in Abidjan and the Singrobo-Ahouaty hydroelectric power plant (44 MW), the country's first private hydroelectric facility.

SG