Africa Finance Corporation (AFC) Delivers Côte d’Ivoire’s First Project Finance Green Bond for Landmark Solar Plant

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has 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 facility in euros and CFA francs (EUR/XOF), the bond will finance the construction of a 66MW solar power plant in the northern Korhogo region. Once operational in 2027, the project – developed by Poro Power – is expected to become Côte d’Ivoire’s largest solar plant.

AFC acted as Lead Underwriter and Co-Arranger, helping to structure an innovative dual-currency green bond that creates a replicable model for mobilising African capital into bankable infrastructure.

The transaction is a significant milestone for Côte d’Ivoire’s capital markets and for African infrastructure more broadly. Historically, long-term infrastructure financing in the country has depended heavily on international capital. By contrast, the Poro Power Green Bond was African-led, structured, and fully funded by African institutions.

The solar plant is expected to avoid over 72,000 tons of CO₂ emissions annually and provide electricity to more than 100,000 households, contributing meaningfully to greater energy access and Côte d’Ivoire’s target of increasing the share of renewables in its energy mix to 45% by 2030.

Samaila Zubairu, President&CEO of AFC, said: “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. The Poro Power Green Bond sets a new benchmark for sustainable infrastructure financing in Africa.”

Jean-Marc Aie, Chairman&CEO Poro Power 1 S.A, commented: “The successful issuance of Poro Power’s green bond marks a historic milestone for Côte d’Ivoire, representing the first-ever green bond issuance in the energy sector within the entire WAEMU zone. This success is a direct result of the visionary strategy of the Ministry, led by Minister Mamadou Sangafowa Coulibaly, which paved the way for local private project developers like Poro Power to manage large-scale renewable energy infrastructure, with significant support from the Africa Finance Corporation (AFC) as Leader Underwriter and anchor investor.”

The transaction builds on AFC’s track record in Côte d’Ivoire across the power and transport sectors. AFC’s investments in the country include the 1.5km Henri Konan Bédié Bridge, which has eased congestion by 30% since commissioning and improved mobility in Abidjan and the 44MW Singrobo-Ahouaty hydropower project, Côte d’Ivoire’s first private hydro independent power producer. In 2024, AFC also supported the Government in awarding six road development contracts worth €691.6 million.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org

About AFC:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of energy, natural resources, heavy industry, transport, and telecommunications. AFC has 48 member countries and has invested over US$19 billion in 36 African countries since its inception. 

www.AfricaFC.org