A €55.5 million financing package has secured Côte d’Ivoire’s first privately developed utility-scale solar project, Kong Solaire, advancing the nation’s shift toward renewable energy. The agreement, finalized between FMO—the Dutch development bank—and the project company Kong Solaire SAS, covers the full long-term funding for the 50 MWp solar plant near Kong in northern Côte d’Ivoire. The financing incorporates structural adjustments suited to West Africa’s developing market conditions, developed through collaboration among all parties involved.
The project’s scale and timeline
The solar facility will produce up to 96 GWh annually, sufficient to power around 240,000 people and prevent 54,000 tonnes of CO₂ emissions each year. Construction has already begun, with the plant scheduled for operation in 2028 after an estimated 18-month construction period. The electricity generated will be supplied to CI-ENERGIES under a 25-year Power Purchase Agreement (PPA), guaranteeing a steady income stream for the initiative.
This marks FMO’s second solar investment in Côte d’Ivoire, following the establishment of its local office last year. The bank’s involvement shows its strategy to attract private capital for renewable projects across West Africa.
A partnership built on local and regional expertise
The initiative unites three primary partners, each contributing distinct strengths. Africa Via, an Ivorian renewable energy developer, holds 51% ownership of Kong Solaire SAS, while PIDG’s InfraCo, which specializes in early-stage infrastructure projects, owns 49%. AXIAN, a pan-African energy group active in 20 countries, indirectly controls 28% of the project through its stake in Africa Via.
This arrangement ensures local leadership while incorporating regional and international experience. Minkaila Salami, CEO of Africa Via, noted that discussions with the Ivorian government began in 2020. “I thank the State of Côte d’Ivoire, FMO, InfraCo Africa and AXIAN for their trust and commitment: it is this alliance of long-term partners that allows an Ivorian project to come to life,” he said.
Benjamin Memmi, CEO of AXIAN’s Energy division, emphasized the dual purpose of the project: addressing rising electricity demand while embedding community benefits into the energy transition. “Our ambition is to deliver lasting benefits alongside the infrastructure we build, making local development an integral part of the energy transition,” he said.
Key features distinguishing Kong Solaire in West Africa
While Côte d’Ivoire has been expanding its renewable capacity, large-scale solar projects outside government-led efforts remain uncommon. Kong Solaire’s private development, backed by a combination of local, regional, and development finance partners, signals a move toward market-based solutions. Unlike many African solar initiatives, often reliant on donor funding or single-country support, this project balances local ownership (51% Ivorian stake), regional operational expertise (AXIAN), and development finance (FMO and PIDG) to distribute risks effectively.
Implementation and wider impact
Construction of the power plant is already underway, reflecting the partners’ commitment to advancing the project and bringing it to completion. Commissioning is scheduled for 2028. Marnix Monsfort, Director of Energy at FMO, noted that the bank’s involvement extends beyond funding, supporting the project’s integration into Côte d’Ivoire’s grid.
