Côte d’Ivoire’s Poro Power solar project has earned international recognition for its innovative financing structure, highlighting the growing role of African financial institutions in mobilising domestic and regional capital for renewable energy infrastructure. The project received the ESG Green Bond Deal of the Year for Africa award at the Infra Global ESG Awards 2026 in London, while Africa Finance Corporation (AFC) was named ESG Green Bond Arranger of the Year for Africa for its role in structuring the transaction.
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Located near Korhogo in northern Côte d’Ivoire, the 66-megawatt solar facility is under construction and is expected to become the country’s largest solar plant when operational in 2027. Developed by Ivorian entrepreneurs, the project is projected to generate approximately 136 gigawatt-hours of electricity annually, supplying power equivalent to the needs of more than 100,000 households and benefiting an estimated 500,000 people.
Beyond expanding electricity generation, Poro Power is expected to contribute to Côte d’Ivoire’s ambition to increase renewable energy’s share of electricity generation to 45% by 2030. The initiative also supports efforts to strengthen energy access for households, public services and businesses while reducing reliance on more carbon-intensive sources of power.
The project’s financing structure has emerged as a central element of its international recognition. A €65 million financing package, equivalent to approximately FCFA 42.6 billion, was raised through a green bond, an instrument used to finance projects with environmental benefits. The transaction was the first project-finance green bond in both Côte d’Ivoire and the West African Economic and Monetary Union (WAEMU), and the country’s first dual-currency green bond, allowing investment in both euros and CFA francs.
African institutions led and fully funded the financing package. AFC invested €43 million, approximately FCFA 28.2 billion, in February 2026, acting as anchor investor, lead underwriter and co-arranger. A further €22 million equivalent was raised from African investors, including local and regional banks, pension funds, insurance companies and high-net-worth individuals.
The bond has a 15-year term and a fixed interest rate of 8.75%, with quarterly repayments beginning after a two-year construction grace period. Its structure combines the flexibility of capital-market financing with safeguards commonly associated with project finance, including first-ranking security, dedicated revenue accounts and contractual protections designed to separate the project’s cash flows from other activities.
Jean-Marc Aie, Chairman and CEO of Poro Power 1 S.A., said the awards recognised an Ivorian project designed to meet local needs while creating economic opportunities. He highlighted the importance of government support for local private developers and AFC’s investment and financing structure in advancing the project.
The Government of Côte d’Ivoire has encouraged private-sector participation in large-scale renewable energy development through an initiative led by the Ministry of Mines, Petroleum and Energy under Minister Mamadou Sangafowa-Coulibaly. Poro Power illustrates how this approach can bring together domestic entrepreneurship, public policy and African financial expertise to support strategic infrastructure.
Sameh Shenouda, Executive Board Member and Chief Investment Officer of AFC, said the transaction demonstrated that African financial institutions possess the capital and expertise required to finance large-scale renewable energy projects. He also emphasised the potential for combining long-term project-finance protections with capital-market flexibility to attract a broader range of African investors.The environmental benefits are expected to extend beyond electricity generation
