FMO, AXIAN and Africa Via advance €55.5m solar project in Côte d’Ivoire

Dutch development bank FMO has signed a financing agreement with Kong Solaire SAS for the development of a 50 MWp solar power plant near Kong in northern Côte d’Ivoire. FMO will provide up to EUR 55.5 million (USD 62 million) in long-term financing with a 20-year tenor, covering the project’s entire long-term financing requirement.

The project company is owned by Africa Via, AXIAN and the Private Infrastructure Development Group (PIDG) through its project development solution, InfraCo. The financing structure has been adapted to reflect the specific conditions of emerging markets in West Africa.

Benjamin Memmi, CEO of AXIAN Group’s Energy division, said, “With an installed capacity of 50 MWp, the project will help diversify the national energy mix and meet growing electricity demand with clean, competitive power.”

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The solar plant is expected to generate around 96 GWh of electricity each year for the national grid. It could supply power to about 240,000 people and prevent around 54,000 tonnes of carbon dioxide emissions annually.

The electricity will be sold to CI-ENERGIES under a 25-year power purchase agreement (PPA).

Construction is already underway, and the plant is expected to begin operations in 2028. Construction is estimated to take around 18 months.

Project ownership and partnerships

Kong Solaire SAS is 49 per cent owned by InfraCo and 51 per cent by Africa Via, an Ivorian renewable energy project developer. AXIAN holds a 55 per cent stake in Africa Via, while its founders own the remaining 45 per cent. Through these holdings, AXIAN has an indirect stake of approximately 28 per cent in Kong Solaire, while Africa Via’s founders hold an indirect stake of approximately 23 per cent.

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Omar Jabri, PIDG’s Head of Business Development Africa (InfraCo) said, “We are proud to have reached this critical milestone alongside our partners AXIAN, Africa Via and FMO, as construction of the Kong Solaire project progresses. “ 

He further added, “This milestone reflects PIDG’s commitment to mobilising private investment and delivering transformative infrastructure that accelerates the energy transition and creates lasting impact for communities and economies” 

The project brings together Africa Via’s local development experience, AXIAN’s pan-African operations and PIDG’s expertise in developing sustainable infrastructure. AXIAN operates in 20 countries, while PIDG supports infrastructure projects across sub-Saharan Africa and South and Southeast Asia.

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Director of Energy at FMO, Marnix Monsfort, stated, “As FMO’s second solar energy investment in the country, this financing reinforces our continued commitment to providing long-term capital needed to accelerate the country’s energy transition and mobilize further private investment in the sector.”

The project is expected to contribute to Côte d’Ivoire’s target of increasing the share of renewables in its energy mix to 45 per cent by 2030.