The Africa Finance Corporation (AFC) has reached financial close and disbursed €43m under the Poro Power Green Bond, the first project finance green bond issued in Côte d’Ivoire and within the West African Economic and Monetary Union.

The €65m dual-currency facility, structured in euros and CFA francs (EUR/XOF), will fund the construction of a 66MW solar power plant in Korhogo.

The project, developed by Poro Power, is scheduled for completion in 2027 and is expected to be the largest solar installation in the country.

AFC acted as lead underwriter and co-arranger, structuring the bond to attract participation from African financial institutions while reducing currency risk through its dual-currency format.

The transaction reflects a shift toward locally sourced financing for infrastructure projects that have historically depended on international capital.

The solar plant is projected to reduce carbon emissions by more than 72,000 tons annually and supply electricity to over 100,000 households. It also supports Côte d’Ivoire’s objective of increasing renewable energy’s share of the national energy mix to 45% by 2030.

“This transaction demonstrates the growing capacity of African institutions to mobilise domestic capital and expertise to deliver infrastructure projects,” said Samaila Zubairu, President & CEO of AFC.

“We are also contributing to the development of financing models that can be replicated across the continent.”

Jean-Marc Aie, Chairman & CEO Poro Power 1 S.A, said the issuance represents the first green bond in the energy sector across the WAEMU region and reflects policy support from Mamadou Sangafowa Coulibaly, which has enabled local private developers to undertake large-scale renewable energy projects.

The financing builds on AFC’s activities in Côte d’Ivoire’s infrastructure sector. Previous investments include 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 valued at €691.6m.

The Poro Power Green Bond introduces a financing structure that could be applied to future infrastructure projects across the region, particularly those seeking to combine local currency funding with international capital.