AFC Closes €43M Green Bond to Finance Côte d’Ivoire’s Largest Solar Plant

In a breakthrough for Africa's sustainable finance and infrastructure ecosystem, the Africa Finance Corporation (AFC) has reached financial close and disbursed €43 million under the Poro Power Green Bond, marking the first-ever project finance green bond in Côte d'Ivoire and across the West African Economic and Monetary Union (WAEMU).

Structured as a €65 million dual-currency facility (EUR/XOF), the innovative financing instrument will fund the development of a 66MW solar power plant in Korhogo, northern Côte d'Ivoire. Once operational in 2027, the facility is expected to become the largest solar power plant in the country, significantly boosting renewable energy capacity.

A First-of-Its-Kind Financing Model for Africa

The Poro Power Green Bond represents a pioneering financial innovation, combining project finance with green bond principles in a dual-currency structure—an approach rarely seen in African capital markets.

AFC, acting as Lead Underwriter and Co-Arranger, played a central role in designing the structure, which enables:

• Mobilisation of local African capital alongside international funding

• Mitigation of currency risks through dual-currency structuring

• Creation of a replicable financing model for infrastructure projects across the continent

Unlike traditional infrastructure financing—historically reliant on foreign capital—the transaction was African-led, structured, and fully funded by African institutions, signaling a shift toward financial sovereignty and domestic capital mobilisation.

Advancing Côte d'Ivoire's Energy Transition

The Korhogo solar project is expected to deliver substantial environmental and social impact:

• Avoidance of over 72,000 tonnes of CO₂ emissions annually

• Electricity supply to more than 100,000 households

• Contribution to Côte d'Ivoire's target of achieving 45% renewable energy in its energy mix by 2030

As West Africa faces rising energy demand and climate pressures, projects like Poro Power are critical to expanding clean energy access while reducing carbon intensity.

Strengthening African Capital Markets

The transaction is widely seen as a milestone for regional financial markets, particularly within WAEMU, where long-term project financing has traditionally been limited.

By successfully issuing a project-backed green bond, the deal:

• Demonstrates the maturity of African financial institutions

• Enhances investor confidence in infrastructure assets

• Opens pathways for institutional investors such as pension funds and banks to participate in infrastructure financing

Industry experts note that Africa faces an annual infrastructure financing gap of over $100 billion, making scalable financing solutions like this essential.

Leadership Voices Highlight Strategic Impact

Samaila Zubairu, President and CEO of AFC, described the transaction as transformative:

"This landmark deal demonstrates Africa's growing capacity to mobilise domestic capital and expertise. We are not only closing infrastructure gaps but also creating scalable, homegrown financing models that can be replicated across the continent."

Echoing this sentiment, Jean-Marc Aie, Chairman and CEO of Poro Power, called the issuance historic:

"This is the first green bond in the energy sector across WAEMU. It reflects a visionary policy framework that enables local developers to lead large-scale renewable energy projects, supported by strong institutional partners like AFC."

Policy Support and Public-Private Collaboration

The success of the green bond is closely linked to progressive policy support from the Ivorian government, particularly under the leadership of Minister Mamadou Sangafowa Coulibaly, which has encouraged private sector participation in energy infrastructure.

The project exemplifies the effectiveness of public-private partnerships (PPPs) in delivering critical infrastructure while ensuring financial sustainability.

Building on AFC's Expanding Footprint

The Poro Power project builds on AFC's growing portfolio in Côte d'Ivoire, which spans key infrastructure sectors:

• Henri Konan Bédié Bridge (1.5 km) — Reduced congestion in Abidjan by 30%

• 44MW Singrobo-Ahouaty hydropower plant — First private hydro IPP in the country

• €691.6 million road development contracts (2024) — Strengthening transport connectivity

These investments highlight AFC's role as a catalyst for large-scale infrastructure transformation across Africa.

A Scalable Blueprint for Sustainable Development

The Poro Power Green Bond is expected to serve as a template for future projects, particularly in:

• Renewable energy

• Transport infrastructure

• Climate-resilient development

By aligning financial innovation with sustainability goals, the model supports both economic growth and climate commitments.

Toward Energy Security and Financial Independence

As African economies seek to reduce reliance on external financing and fossil fuels, the success of this transaction signals a new era of self-driven, sustainable infrastructure development.

With rising global demand for green investments and increasing focus on climate finance, Africa's ability to structure and fund its own projects will be critical in shaping its long-term economic trajectory.

The Poro Power Green Bond stands as a landmark achievement—demonstrating that African capital, expertise, and ambition can deliver world-class infrastructure solutions at scale.