Côte d’Ivoire Secures €55.5 Million Financing for 50 MW Kong Solar Project
Côte d’Ivoire has secured €55.5 million in financing from Dutch development bank FMO for the construction of a 50-megawatt-peak (MWp) solar power plant near Kong in the country’s northern region.
The financing will support the development of the Kong solar project, led by Kong Solaire SAS, a project company backed by Africa Via, AXIAN Group and the Private Infrastructure Development Group (PIDG) through its project development arm, InfraCo.
The facility will cover the project’s long-term financing requirements and has a tenor of 20 years, providing funding for the development of the renewable energy facility.
Once operational, the solar plant is expected to generate approximately 96 gigawatt-hours (GWh) of electricity annually, enough to supply an estimated 240,000 people.
The project is also expected to prevent around 54,000 tonnes of carbon dioxide emissions each year.
Electricity generated by the facility will be supplied to state-owned utility CI-ENERGIES under a 25-year power purchase agreement (PPA), establishing a long-term arrangement for delivering renewable electricity to the national grid.
Construction is underway, with commissioning expected in 2028 following an estimated construction period of approximately 18 months.
The project brings together international infrastructure investment and renewable energy development expertise.
Africa Via holds a 51% stake in Kong Solaire SAS, while InfraCo owns the remaining 49%. AXIAN Group holds a 55% stake in Africa Via, giving it an indirect interest in the project.
FMO Director of Energy Marnix Monsfort said the investment marked the bank’s second solar energy financing in Côte d’Ivoire, reinforcing its commitment to supporting the country’s energy transition and mobilising private investment in renewable energy infrastructure.
The financing also highlights the role of development finance institutions in providing long-term capital for renewable energy projects in emerging markets, where funding structures can be critical to advancing infrastructure development.
Côte d’Ivoire is working to diversify its electricity generation mix, expand renewable energy capacity and meet growing power demand.
The country aims to increase the share of renewable energy in its electricity mix to 45% by 2030.
Once completed, the Kong solar plant is expected to contribute additional renewable electricity to the national grid, support energy security and help reduce emissions as the country advances its energy transition.
About the Author
