(Ecofin Agency) - • CFM and SODEN secure $3 million for 76 MW cocoa biomass plant in Divo
• Project to produce 550 GWh/year, cut 300,000 tons of CO₂, and aid 36,000 farmers
• Full financing expected by 2026, with plant launch targeted for 2029

Article:
Climate Fund Managers (CFM) and Société des Énergies Nouvelles (SODEN) have secured $3 million in funding to co-develop the world’s first grid-connected power plant fueled by cocoa waste in Côte d’Ivoire. The 76 MW facility will be located in Divo, about 200 km north of Abidjan, and is expected to begin operations in 2029.

The plant will generate 550 GWh of renewable electricity annually using 600,000 tons of cocoa shells, pods, beans, and end-of-life rubber trees. The project is projected to prevent 300,000 tons of CO₂ emissions each year, support over 3,900 jobs, and deliver €6.8 million in local economic benefits. Around 36,000 smallholder cocoa farmers will also benefit from additional income sources.

Funding was provided through Climate Investor Two (CI2), a fund managed by CFM, and will support technical studies, permitting, environmental and social assessments, and a power purchase agreement. The sponsors anticipate up to $35 million in equity investment at financial close, expected in 2026.

Negotiations have been ongoing with the Ivorian government since August 2024 for a concession and long-term electricity purchase agreement. SODEN has already invested over €2 million to advance the project’s development phase.

“The Divo power plant constitutes an innovative and reproducible solution to meet Côte d’Ivoire's energy and climate objectives,” said Yapi Ogou, Managing Director of SODEN. “By harnessing this untapped resource to produce clean, reliable energy, we turn a national challenge into an opportunity for sustainable growth, rural prosperity, and energy system resilience.”

As the world’s top cocoa producer, with an output of 1.67 million tons in 2023/2024 (per the International Cocoa Organization), Côte d’Ivoire generates significant agricultural waste. This project aligns with the country’s strategy to diversify its energy mix and capitalize on biomass potential.

CFM, already active in Sierra Leone with a municipal waste-to-energy project, is using a similar blended finance model in Côte d’Ivoire. The Divo plant could serve as a regional benchmark for industrial-scale valorization of agricultural waste.