In a transformative step for West African capital markets, the Africa Finance Corporation (AFC) has announced the financial close of the Poro Power Green Bond. This landmark €65 million dual-currency facility marks the first-ever project finance green bond in Côte d’Ivoire and the West African Economic and Monetary Union (WAEMU).
The bond is set to finance the construction of a 66MW solar power plant in the northern Korhogo region. Once it becomes operational in 2027, the facility is projected to be the largest solar plant in the country.
A Shift Toward Homegrown Financing
Historically, large-scale infrastructure projects in West Africa have relied heavily on international capital. The Poro Power Green Bond signals a shift toward financial sovereignty:
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African-Led: The deal was structured and fully funded by African institutions.
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Dual-Currency Structure: By utilizing both Euros and CFA francs (EUR/XOF), the bond creates a flexible, replicable model for mobilizing domestic capital.
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AFC’s Role: Serving as Lead Underwriter and Co-Arranger, the AFC provided a €43 million disbursement to kickstart the project.
“We are not only helping to close the infrastructure gap, but also creating scalable, homegrown financing models that can be replicated across the continent,” said Samaila Zubairu, President & CEO of AFC.
Environmental and Social Impact
The Korhogo solar plant is a cornerstone of Côte d’Ivoire’s commitment to a greener future. The government aims to increase the share of renewables in its energy mix to 45% by 2030.
Projected Benefits:
| Metric | Expected Impact |
| Energy Access | Electricity for over 100,000 households |
| Emission Reduction | Avoidance of 72,000 tons of CO₂ annually |
| Regional Status | Largest solar plant in Côte d’Ivoire upon completion |
Building a Legacy of Infrastructure
This project is the latest in a series of strategic investments by the AFC in the Ivorian economy. The Corporation’s track record in the region includes:
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Singrobo-Ahouaty Hydropower: The country’s first private hydro independent power producer (44MW).
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Henri Konan Bédié Bridge: A 1.5km bridge that reduced Abidjan’s traffic congestion by 30%.
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Road Development: Support for six major road contracts worth €691.6 million in 2024.
Jean-Marc Aie, Chairman & CEO of Poro Power 1 S.A, noted that the success of the bond is a direct result of visionary ministry strategies that allow local private developers to manage large-scale renewable projects.
As the Poro Power Green Bond sets a new benchmark for the WAEMU zone, it paves the way for a future where African infrastructure is built for Africans, by African capital.
