A €55.5 million financing agreement has been secured for Côte d’Ivoire’s Kong Solaire solar power plant, advancing the nation’s renewable energy ambitions. The deal, finalized between FMO—the Dutch development bank—and the project company Kong Solaire SAS, provides full long-term funding for the 50-megawatt facility. Structured with a 20-year repayment period, the loan incorporates adaptations to conventional project finance structures to reflect the specific context of emerging markets in West Africa, developed jointly by the parties.
The plant, situated near the town of Kong in northern Côte d’Ivoire, will produce 96 gigawatt-hours annually, enough to supply approximately 240,000 people while reducing annual CO₂ emissions by 54,000 tonnes. CI-ENERGIES will purchase the output under a 25-year Power Purchase Agreement (PPA), guaranteeing steady revenue for developers. Construction has already begun, with full operation planned for 2028 following an estimated construction period of approximately 18 months.
The initiative brings together local expertise and international investment. Africa Via, an Ivorian developer of renewable energy projects, holds a 51% stake in Kong Solaire SAS, while PIDG’s InfraCo, specializing in early-stage infrastructure projects, owns 49%. AXIAN, a pan-African group operating in 20 countries, indirectly controls 28% through its investment in Africa Via. The founders of Africa Via retain a 23% indirect share.
Minkaila Salami, CEO of Africa Via, described the financing as a milestone stemming from 2020 negotiations with the Ivorian government. “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. The agreement follows years of collaboration to establish Côte d’Ivoire’s first privately developed utility-scale solar plant.
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Benjamin Memmi, CEO of AXIAN Group’s Energy division, positioned the project within Côte d’Ivoire’s broader renewable energy strategy. The 50-megawatt capacity will diversify the national energy mix and meet growing electricity demand with clean, competitive power. Memmi emphasized the initiative’s focus on local communities, aligning with AXIAN’s broader African approach. “Our ambition is to deliver lasting benefits alongside the infrastructure we build, making local development an integral part of the energy transition,” he said. The plant’s annual output will directly serve 240,000 people while supporting the country’s target of increasing the share of renewables in its energy mix to 45% by 2030.
FMO’s participation ensures stability, while the 25-year Power Purchase Agreement with CI-ENERGIES secures demand. The partners’ combined experience in project development, local market knowledge, and capital mobilization positions Kong Solaire as a template for future renewable energy initiatives in West Africa.
The financing deal now solidifies a 2020 agreement between the Ivorian government and private sector stakeholders to accelerate renewable energy deployment. All parties emphasize the need for scalable solutions to bridge energy gaps in West Africa.