AFC disburses $50.6 million in Côte d’Ivoire’s first project finance green bond

Africa Finance Corporation (AFC), a pan-African investment-grade multilateral financial institution, has reached financial close and disbursed €43 million ($50.6 million) under the Poro Power Green Bond, marking the first project finance green bond in Côte d’Ivoire and across the West African Economic and Monetary Union. 

The financing is structured as a €65 million ($76.6 million) dual-currency facility in euros and CFA francs. It will fund the construction of a 66-megawatt solar power plant in the northern city of Korhogo. The project, developed by Poro Power, is expected to come onstream in 2027 and could become the country’s largest solar installation. 

AFC acted as lead underwriter and co-arranger, helping to structure the dual-currency deal aimed at drawing more local capital into infrastructure projects.

African-led funding backs Korhogo solar

The transaction signals a shift in how long-term infrastructure is financed in Côte d’Ivoire. Such projects have often relied on international funding. In this case, African institutions led the structuring and provided the capital. 

The Korhogo solar plant is expected to cut more than 72,000 metric tons of carbon emissions each year and supply electricity to over 100,000 households. The project supports the government’s plan to raise the share of renewable energy in its power mix to 45% by 2030. 

AFC President and Chief Executive Samaila Zubairu said the deal shows African institutions can raise and deploy capital for large-scale projects. 

“This transaction reflects the growing ability of African institutions to mobilise capital and deliver infrastructure,” he said. “It also provides a model that can be used in other markets.” 

Jean-Marc Aie, chairman and chief executive of Poro Power 1 S.A., described the bond as a first for the country’s energy sector within the WAEMU bloc. He said the project was supported by government policy and the backing of AFC as both underwriter and anchor investor. 

AFC deepens investments in Côte d’Ivoire

The deal builds on AFC’s work in Côte d’Ivoire across power and transport. Its past investments include the Henri Konan Bédié Bridge in Abidjan, which has helped ease traffic, and the Singrobo-Ahouaty hydropower project, the country’s first private hydro independent power plant. 

In 2024, AFC also supported the government in awarding road contracts valued at €691.6 million ($814.7 million).

Zubairu grows AFC energy transport focus

Founded in 2007, AFC focuses on infrastructure and industrial investments across Africa, combining project development, advisory and financing. The institution has 48 member countries and says it has invested more than $19 billion across 36 African nations. 

Earlier this year, AFC acted as financial adviser on a major bond issuance tied to Nigeria’s power sector reforms. The ₦501 billion ($371.4 million) transaction forms part of a broader ₦4 trillion ($3 billion) programme aimed at clearing longstanding debts in the electricity industry. 

Zubairu, who has led AFC for seven years, has overseen an expansion in membership and investment activity, with a focus on energy, transport and industrial projects across the continent.