Africa Finance Corporation (AFC) has reached financial close and disbursed €43 million under the Poro Power Green Bond, a major boost for renewable energy and local capital markets in West Africa,
This marks the first project finance green bond in Côte d’Ivoire and the entire West African Economic and Monetary Union (WAEMU).
The innovative €65 million dual-currency facility, denominated in both euros and CFA francs (EUR/XOF), will fund the construction of a 66MW solar power plant in the northern Korhogo region. Developed by Poro Power, the facility is expected to become Côte d’Ivoire’s largest solar plant upon completion in 2027.
AFC served as Lead Underwriter and Co-Arranger, playing a central role in structuring the dual-currency green bond. The transaction creates a replicable model for mobilizing African capital into bankable infrastructure projects, reducing reliance on international funding.
“This landmark transaction demonstrates the growing capacity of African institutions to mobilize domestic capital and expertise to deliver transformative infrastructure projects,” said Samaila Zubairu, President & CEO of AFC. “We are not only helping to close the infrastructure gap, but also creating scalable, homegrown financing models that can be replicated across the continent. The Poro Power Green Bond sets a new benchmark for sustainable infrastructure financing in Africa.”
The solar plant will deliver significant environmental and social benefits. Once operational, it is projected to avoid over 72,000 tons of CO₂ emissions annually and provide electricity to more than 100,000 households. The project supports Côte d’Ivoire’s national goal of increasing the share of renewables in its energy mix to 45% by 2030, while enhancing energy access in the northern part of the country, which benefits from abundant sunshine.
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Jean-Marc Aie, Chairman & CEO of Poro Power 1 S.A., described the issuance as a historic milestone. “The successful issuance of Poro Power’s green bond marks a historic milestone for Côte d’Ivoire, representing the first-ever green bond issuance in the energy sector within the entire WAEMU zone,” he said.
“This success is a direct result of the visionary strategy of the Ministry, led by Minister Mamadou Sangafowa Coulibaly, which paved the way for local private project developers like Poro Power to manage large-scale renewable energy infrastructure, with significant support from the Africa Finance Corporation (AFC) as Lead Underwriter and anchor investor.”
The deal is fully African-led, structured, and funded by African institutions — a notable shift from the traditional dependence on external capital for long-term infrastructure in the country. It highlights the maturing capacity of regional financial markets to support green projects.
This transaction further strengthens AFC’s growing footprint in Côte d’Ivoire. The development finance institution has previously invested in key projects including the 1.5km Henri Konan Bédié Bridge in Abidjan, which has reduced traffic congestion by 30%, and the 44MW Singrobo-Ahouaty hydropower project — the country’s first private hydro independent power producer.
