Dutch development bank FMO has signed a financing agreement with Kong Solaire SAS to develop a 50 MWp solar power plant near Kong in northern Côte d’Ivoire. FMO will provide up to €55.5 million ($62 million) in long-term financing over 20 years, covering the project’s entire long-term funding needs.
Africa Via, AXIAN, and the Private Infrastructure Development Group (PIDG), through its project development arm InfraCo, own the project. The partners have structured the financing to suit the conditions of emerging markets in West Africa.
Benjamin Memmi, CEO of AXIAN Group’s Energy division, said the 50 MWp plant would diversify Côte d’Ivoire’s energy mix while meeting rising electricity demand with affordable, clean power.
The plant is expected to generate around 96 GWh of electricity annually for the national grid. It could provide electricity for about 240,000 people while preventing approximately 54,000 tonnes of carbon dioxide emissions each year.
Kong Solaire SAS will sell the electricity to CI-ENERGIES under a 25-year power purchase agreement (PPA).
Construction has already started, with the plant expected to begin operations in 2028. The project team estimates that construction will take around 18 months.
InfraCo owns 49 per cent of Kong Solaire SAS, while Ivorian renewable energy developer Africa Via holds the remaining 51 per cent. AXIAN owns 55 per cent of Africa Via, while the company’s founders hold the other 45 per cent. Through these ownership structures, AXIAN holds an indirect stake of approximately 28 per cent in Kong Solaire, while Africa Via’s founders hold around 23 per cent indirectly.
Omar Jabri, PIDG’s Head of Business Development for Africa at InfraCo, said the partners had reached an important milestone as construction progressed. He added that the project reflects PIDG’s efforts to attract private investment, develop infrastructure, and expand access to reliable energy.
The partnership combines Africa Via’s local project development experience, AXIAN’s operations across Africa and PIDG’s infrastructure expertise. AXIAN operates in 20 countries, while PIDG supports infrastructure projects across sub-Saharan Africa, South Asia and Southeast Asia.
Marnix Monsfort, FMO’s Director of Energy, said the financing marks the bank’s second solar energy investment in Côte d’Ivoire. He added that FMO would continue providing long-term funding to support the country’s energy transition and encourage further private investment.
The project will support Côte d’Ivoire’s target of increasing the share of renewable energy in its energy mix to 45 per cent by 2030.
source: www.alcircle.com
African Energy Council