Africa Finance Corp. (AFC), the continent’s leading infrastructure solutions provider, has reached financial close and disbursed €43 million under the Poro Power Green Bond, the first project finance green bond in Cote d’Ivoire and the West African Economic and Monetary Union (WAEMU).

Structured as a €65 million dual-currency facility in euros and CFA francs, the bond will finance the construction of a 66 MW solar power plant in the northern Korhogo region. Once operational in 2027, the project – developed by Poro Power – is expected to become Côte d’Ivoire’s largest solar plant.

AFC acted as Lead Underwriter and Co-Arranger, helping to structure an innovative dual-currency green bond that creates a replicable model for mobilising African capital into bankable infrastructure.

The transaction is a significant milestone for Côte d’Ivoire’s capital markets and for African infrastructure more broadly. Historically, long-term infrastructure financing in the country has depended heavily on international capital. By contrast, the Poro Power Green Bond was African-led, structured, and fully funded by African institutions.

The solar plant is expected to avoid over 72 000 tpy of CO

2

emissions and provide electricity to more than 100 000 households, contributing meaningfully to greater energy access and Côte d’Ivoire’s target of increasing the share of renewables in its energy mix to 45% by 2030.

Samaila Zubairu, President & CEO of AFC, commented: “This landmark transaction demonstrates the growing capacity of African institutions to mobilise domestic capital and expertise to deliver transformative infrastructure projects. We are not only helping to close the infrastructure gap, but also creating scalable, homegrown financing models that can be replicated across the continent. The Poro Power Green Bond sets a new benchmark for sustainable infrastructure financing in Africa.”

Jean-Marc Aie, Chairman & CEO Poro Power 1 S.A, noted: “The successful issuance of Poro Power’s green bond marks a historic milestone for Côte d'Ivoire, representing the first-ever green bond issuance in the energy sector within the entire WAEMU zone. This success is a direct result of the visionary strategy of the Ministry, led by Minister Mamadou Sangafowa Coulibaly, which paved the way for local private project developers like Poro Power to manage large scale renewable energy infrastructure, with significant support from the AFC as Lead Underwriter and Anchor Investor.”

The transaction builds on AFC’s track record in Côte d’Ivoire across the power and transport sectors. AFC’s investments in the country include the 1.5 km Henri Konan Bédié Bridge, which has eased congestion by 30% since commissioning and improved mobility in Abidjan, and the 44 MW Singrobo-Ahouaty hydropower project, Côte d’Ivoire’s first private hydro independent power producer. In 2024, AFC also supported the government in awarding six road development contracts worth €691.6 million.