FMO Commits €55.5 Million to 50 MW Solar Project in Côte d’Ivoire

Dutch development bank FMO has agreed to provide up to €55.5 million in long-term financing for the 50 MWp Kong solar power plant in northern Côte d’Ivoire, where construction is underway ahead of a planned 2028 commissioning.

The financing will cover the project’s entire long-term funding requirement through a 20-year facility to Kong Solaire SAS, the company developing the plant. The financing structure has been adapted to account for conditions in West African emerging markets.

Located near the town of Kong, the solar plant is expected to generate approximately 96 GWh of electricity annually. That output could supply around 240,000 people and avoid an estimated 54,000 tonnes of carbon dioxide emissions each year.

Kong Solaire has a 25-year power purchase agreement with state-owned electricity company CI-ENERGIES, providing a long-term arrangement for selling the electricity generated by the facility.

Private investors back solar expansion

Kong Solaire SAS is owned 49% by InfraCo, the project development arm of the Private Infrastructure Development Group (PIDG), and 51% by Africa Via, an Ivorian renewable energy developer.

AXIAN Group holds 55% of Africa Via, while the company’s founders own the remaining 45%. This gives AXIAN an indirect interest of approximately 28% in Kong Solaire, with Africa Via’s founders holding an indirect stake of about 23%.

The project brings together local development expertise from Africa Via, AXIAN’s regional energy experience and PIDG’s infrastructure development support.

FMO Director of Energy Marnix Monsfort said the investment was the bank’s second solar energy investment in Côte d’Ivoire. He said the financing would provide long-term capital for the country’s energy transition and help attract further private investment.

Africa Via CEO Minkaila Salami said work on the project began with the Ivorian government in 2020. AXIAN’s Energy division CEO Benjamin Memmi said the plant would diversify the country’s electricity supply as demand grows.

PIDG, through InfraCo, supports infrastructure projects in emerging markets by providing development expertise and investment capital. Its involvement in Kong Solaire has helped advance the project from development towards construction.

Côte d’Ivoire expands renewable energy capacity

Côte d’Ivoire aims to increase renewable energy’s share of its electricity mix to 45% by 2030. Privately developed utility-scale solar projects such as Kong are expected to contribute to that target while adding generation capacity to meet rising demand.

Construction is expected to take approximately 18 months, with commissioning planned for 2028. Once operational, the plant is projected to generate 96 GWh annually under its long-term electricity supply agreement with CI-ENERGIES.