FMO backs €55.5 million Ivorian solar project

The Dutch development bank FMO has committed up to €55.5 million in long-term funding for Côte d’Ivoire’s 50 MWp Kong solar photovoltaic plant in the country’s northern region. This initiative marks one of Côte d’Ivoire’s first privately developed utility-scale solar projects, aligning with national goals to raise renewable energy’s share in the electricity grid to 45% by 2030. The financing deal was finalized with Kong Solaire SAS, a venture supported by Africa Via, AXIAN, and the Private Infrastructure Development Group (PIDG) through its development arm, InfraCo. FMO will cover the project’s full long-term funding, structured over a 20-year period with terms adapted for West African market conditions.

Project Details

Situated near Kong, the solar facility is projected to produce around 96 GWh annually, serving approximately 240,000 residents while reducing annual CO₂ emissions by roughly 54,000 tonnes. Under a 25-year Power Purchase Agreement (PPA) with CI-ENERGIES, the plant will secure stable revenue streams. Construction has begun, with operations set to launch in 2028 after an 18-month build phase. Ownership of Kong Solaire SAS is split 49% by InfraCo and 51% by Africa Via, an Ivorian renewable energy firm. AXIAN owns 55% of Africa Via, while its founders control the remaining 45%, granting AXIAN an indirect 28% stake in the project and Africa Via’s founders a 23% indirect share.

Investment and Partnerships

The collaboration merges Africa Via’s local expertise, AXIAN’s regional energy infrastructure experience, and PIDG’s early-stage development support. “Kong Solaire is the result of work begun with the Ivorian State in 2020,” stated Minkaila Salami, CEO of Africa Via. “We are proud to support Kong Solaire, one of Côte d’Ivoire’s first privately developed utility-scale solar projects,” said Marnix Monsfort, FMO’s Energy Director. “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 mobilise further private investment in the sector.” The project will extend reliable, low-carbon electricity access to local communities, potentially spurring broader renewable investment across the region.

PIDG, via InfraCo, supplies both funding and technical backing for infrastructure projects in emerging markets, including clean energy ventures in sub-Saharan Africa. “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,” noted Omar Jabri, InfraCo’s Head of Business Development for Africa. Meanwhile, Benjamin Memmi, CEO of AXIAN Group’s Energy division, emphasized the project’s role in diversifying Côte d’Ivoire’s power supply amid rising demand. “With an installed capacity of 50MWp, the project will help diversify the national energy mix and meet growing electricity demand with clean, competitive power,” he said.