Infinity Power Holding B.V., a renewable energy joint venture between Egypt’s Infinity Energy and Abu Dhabi-based Masdar, is advancing plans to develop two solar power projects in Côte d’Ivoire with a combined capacity of 80 megawatts and an estimated total cost of €71.4 million ($83 million).

According to investment information disclosed by the International Finance Corporation on Sept. 9, 2026, the projects comprise a 36-megawatt alternating current solar plant in Laboa and a 44-megawatt plant in Touba, marking one of the country’s first utility-scale solar photovoltaic developments.

The projects were awarded under the Scaling Solar Program and are expected to support Côte d’Ivoire’s efforts to expand electricity generation capacity, improve supply reliability and advance toward universal electricity access by 2030.

Infinity Power sets record-low solar tariffs

The two projects were awarded at tariffs that establish a new benchmark for solar independent power producers in West and Central Africa. The Laboa project was offered at a tariff of €0.0331 ($0.03) per kilowatt-hour, while the Touba project secured an even lower tariff of €0.03213 per kilowatt-hour.

The competitive pricing underscores the declining cost of solar generation and could provide a framework for Côte d’Ivoire and other African markets seeking to attract private capital into large-scale renewable energy infrastructure.

The Touba plant will be located in the Touba Department, approximately seven kilometres from the town of Touba, while the Laboa facility will be situated in the Koro Department, approximately 23 kilometres from Koro near Morifingso village.

IFC acts as global coordinator

The International Finance Corporation is expected to act as global coordinator for the financing of both projects.

Total project costs are estimated at approximately €71.4 million ($82.97 million), comprising €36.1 million ($41.95 million) for the Touba plant and €35.3 million ($41.02 million) for the Laboa facility.

The proposed financing package includes an IFC investment of up to €36.3 million ($42.18 million) and as much as €18.1 million ($21.03 million) in additional debt expected to be mobilised from another development finance institution.

IFC said its involvement would provide long-term financing that may not be readily available in domestic or regional markets for complex power projects. Its participation is also expected to support the bankability of the projects through long-term financing, appropriate loan tenors and currency matching between euro-denominated debt and revenues earned in the euro-pegged CFA franc.

Masdar and Infinity Energy expand African footprint

The project companies, Touba Solar PV S.A. and Laboa Solar PV S.A., are incorporated in Côte d’Ivoire and are fully owned by Infinity Power Holding.

Infinity Power is a joint venture between Egypt-based Infinity Energy and Masdar, the renewable energy company backed by the United Arab Emirates. The Ivorian government also retains the right to acquire up to 10% of the equity in the two project companies.

Infinity Power has built a growing portfolio of large-scale solar and wind projects across Africa, including operations and developments in Egypt, South Africa, Senegal and Ghana. The Côte d’Ivoire projects represent a further expansion of the company’s footprint as African governments increasingly turn to private investors and public-private partnerships to address growing electricity demand.

80MW of solar capacity to support energy transition

IFC expects the projects to add 80MW of solar photovoltaic capacity to Côte d’Ivoire’s electricity system, helping the country address rising domestic demand and reduce its exposure to hydrological risks affecting power generation. The projects are also expected to lower emissions by increasing the share of clean energy in the country’s electricity generation mix.

As some of Côte d’Ivoire’s first utility-scale solar projects and the first to be implemented under the Scaling Solar Program, the developments could demonstrate a scalable model for deploying grid-scale renewable energy in the country. Beyond electricity generation, IFC and its development finance partners are also expected to work with Infinity Power to promote diversity and inclusion and support women’s economic empowerment through the projects.

With a projected IFC board date of Feb. 1, 2027, the proposed financing marks another step in the development of Côte d’Ivoire’s renewable energy sector as the West African nation seeks to strengthen grid resilience and accelerate its transition toward cleaner sources of electricity.