LONDON – Côte d’Ivoire’s Poro Power solar project has received international recognition for a pioneering investment structure led by Africa Finance Corporation (AFC) (www.AfricaFC.org/), demonstrating how African capital can be mobilised to develop essential infrastructure and accelerate the transition to cleaner energy. The facility is expected to become Côte d’Ivoire’s largest solar plant when operational in 2027.
The project won ESG Green Bond Deal of the Year for Africa at the recent Infra Global ESG Awards 2026 in London, while AFC received ESG Green Bond Arranger of the Year for Africa. The double honours recognise the innovation behind the Poro Power transaction and AFC’s role in structuring and mobilising investment for sustainable infrastructure.
Developed by Ivorian entrepreneurs, the 66-megawatt solar plant is under construction in northern Côte d’Ivoire near the city of Korhogo. It is projected to generate approximately 136 gigawatt-hours (GWh) of electricity annually, meeting the needs of more than 100,000 households and benefiting an estimated half a million people.
Beyond providing homes, public services and businesses with reliable power, the project will help Côte d’Ivoire towards meeting its target of increasing renewable energy’s share of electricity generation to 45% by 2030. The Government of Côte d’Ivoire is enabling projects such as Poro Power through its initiative to encourage local private-sector participation in large-scale renewable energy projects, led by the Ministry of Mines, Petroleum and Energy under Minister Mamadou Sangafowa-Coulibaly.
“These awards are a tremendous recognition for an Ivorian project developed to meet the needs of our own communities,” said Jean-Marc Aie, Chairman and CEO of Poro Power 1 S.A. “Our ambition is not simply to generate clean electricity, but to support businesses, create opportunities and contribute to the development of Côte d’Ivoire. The Ministry’s strategy to empower local private developers to undertake large-scale renewable energy projects, together with AFC’s investment and innovative financing structure, has been instrumental in bringing Poro Power to this stage.”
The €65 million financing package, equivalent to approximately FCFA 42.6 billion, was raised through a green bond — an investment instrument that enables institutions to lend money to projects delivering environmental benefits. It was the first project-finance green bond in both Côte d’Ivoire and the West African Economic and Monetary Union (WAEMU), establishing a precedent for French-speaking West Africa, and was led, structured and fully funded by African institutions. The transaction allowed investors to participate in both euros and CFA francs, making it also Côte d’Ivoire’s first dual-currency green bond. Together, these features demonstrate how African financial institutions can mobilise their own capital for major infrastructure projects, using financing structures suited to African markets.
AFC invested €43 million (approximately FCFA 28.2 billion) in February 2026 and acted as anchor investor, lead underwriter and co-arranger. The equivalent of a further €22 million was raised from African investors, including local and regional banks, pension funds, insurance companies and high-net worth investors.
The bond has a 15-year term, a fixed interest rate of 8.75%, and quarterly repayments following a two-year construction grace period. The financing combines the flexibility of a bond with safeguards normally used in project finance, including first-ranking security, dedicated revenue accounts and contractual protections that separate the project’s cash flows from other activities. These measures help protect investors and align repayments with the plant’s expected revenues.
By bringing together AFC’s investment alongside capital from other African institutions through a structure that accommodates both local and international currencies, the transaction offers a potential model for financing further renewable energy and infrastructure projects across the region. Its significance extends beyond Poro Power, providing a practical example of African money financing African projects and a structure that could be replicated across the continent.
“Poro Power demonstrates that African financial institutions have both the capital and the expertise to finance large-scale renewable energy infrastructure through our own markets,” said Sameh Shenouda, Executive Board Member and Chief Investment Officer of AFC. “By combining the protections required for long-term project finance with the flexibility of capital markets, we have created a structure that can attract a broader range of African investors. This is an important model for mobilising the investment needed to expand reliable electricity supply, support industry and accelerate the energy transition across the region.”
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