FMO, the Dutch entrepreneurial development bank, has agreed to provide up to €55.5 million in long-term financing for the 50 MWp Kong solar photovoltaic power plant in northern Côte d’Ivoire.

The financing agreement was signed with Kong Solaire SAS, a project company backed by Africa Via, AXIAN and the Private Infrastructure Development Group (PIDG), through its project development arm, InfraCo.

FMO will provide the project's entire long-term financing, with a 20-year tenor. The financing structure incorporates adjustments to conventional project finance arrangements to reflect conditions in West African emerging markets.

Located near the town of Kong, the solar plant is expected to generate approximately 96 GWh of electricity annually, supplying power to an estimated 240,000 people and avoiding around 54,000 tonnes of carbon dioxide emissions each year.

The electricity will be sold to CI-ENERGIES under a 25-year Power Purchase Agreement (PPA), providing a long-term contractual framework for the project's revenues.

Construction is already underway, with commissioning scheduled for 2028 following an estimated 18-month construction period.

Kong Solaire SAS is 49% owned by InfraCo and 51% by Africa Via, an Ivorian renewable energy developer. AXIAN holds a 55% stake in Africa Via, while its founders retain the remaining 45%.

This gives AXIAN an indirect interest of approximately 28% in Kong Solaire, with Africa Via's founders holding an indirect stake of around 23%.

The project is among Côte d’Ivoire's first privately developed utility-scale solar installations and supports the country's ambition to increase the share of renewable energy in its electricity mix to 45% by 2030.

“We are proud to support Kong Solaire, one of Côte d’Ivoire's first privately developed utility-scale solar projects,” said Marnix Monsfort, Director of Energy at FMO.

“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 investment brings together local project development expertise from Africa Via, regional energy infrastructure experience from AXIAN and early-stage infrastructure development support from PIDG.

“Kong Solaire is the result of work begun with the Ivorian State in 2020,” said Minkaila Salami, CEO of Africa Via.

“Seeing this project reach the financing milestone is a source of pride for the whole Africa Via team, which has carried it from the very beginning.”

Benjamin Memmi, CEO of AXIAN Group's Energy division, said the project would contribute to diversifying Côte d’Ivoire's electricity supply while supporting growing 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.

PIDG, through InfraCo, provides capital and development expertise to support infrastructure projects in emerging markets, including renewable energy investments across sub-Saharan Africa.

Omar Jabri, PIDG's Head of Business Development Africa at InfraCo, said the financing agreement represented an important milestone as construction progresses.

“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,” Jabri said.