The Africa Finance Corporation (AFC) has successfully reached financial close and disbursed €43 million under the Poro Power Green Bond, marking the first project finance green bond issued in Côte d’Ivoire and across the West African Economic and Monetary Union (WAEMU). The total €65 million dual-currency facility, structured in euros and CFA francs (EUR/XOF), will support the construction of a 66MW solar power plant in Korhogo.
Developed by Poro Power, the project is expected to be completed by 2027 and will become the largest solar installation in the country. AFC played a key role as lead underwriter and co-arranger, designing the bond to attract African financial institutions while mitigating currency risks through its dual-currency structure. This approach signals a growing shift toward locally sourced financing for infrastructure development, reducing reliance on international capital.
Once operational, the solar plant is projected to cut carbon emissions by more than 72,000 tons annually and provide electricity to over 100,000 households. The initiative aligns with Côte d’Ivoire’s target of increasing the share of renewable energy in its national energy mix to 45% by 2030.
AFC President and CEO Samaila Zubairu highlighted that the transaction demonstrates the increasing ability of African institutions to mobilize domestic capital and expertise for large-scale infrastructure projects. Jean-Marc Aie, Chairman and CEO of Poro Power 1 S.A, noted that the bond represents the first green bond in the energy sector within the WAEMU region and reflects strong policy support enabling private developers to undertake major renewable energy projects.
This financing builds on AFC’s continued involvement in Côte d’Ivoire’s infrastructure sector, including projects such as the Henri Konan Bédié Bridge in Abidjan and the Singrobo-Ahouaty Hydropower Project. In 2024, AFC also supported the government in awarding six road development contracts worth €691.6 million. The Poro Power Green Bond introduces an innovative financing model that could be replicated across the region, particularly for projects combining local currency funding with international investment.
