Grace Ashiru
Kong Solaire SAS, a project company owned by Africa Via, Axian and the Private Infrastructure Development Group (PIDG) through InfraCo, its project development solution, has signed a financing agreement with FMO, the Dutch entrepreneurial development bank, for the Kong solar photovoltaic power plant in Côte d’Ivoire.
FMO is providing the project’s entire long-term financing, amounting to up to €55.5 million, with a 20-year tenor. The financing incorporates adaptations to conventional project finance structures to reflect the specific context of emerging markets in West Africa, developed jointly by the parties.
A Major Project for Côte d’Ivoire’s Energy Transition
Located near the town of Kong in northern Côte d’Ivoire, the solar power plant will have an installed capacity of 50 MWp. Its annual output is expected to reach approximately 96 GWh, which will be fed into the national electricity grid. This generation is expected to supply electricity to approximately 240,000 people and avoid 54,000 tonnes of COâ‚‚ emissions per year.
The electricity generated will be sold to CI-ENERGIES under a 25-year Power Purchase Agreement (PPA), providing a long-term contractual framework for the sale of the plant’s output.
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, following an estimated construction period of approximately 18 months.
A Partnership Bringing Together Energy Infrastructure Development Expertise
The Kong Solaire project brings together partners with complementary expertise: Africa Via, founded and led by local entrepreneurs, AXIAN, a pan-African group operating in 20 countries, and the Private Infrastructure Development Group (PIDG), a key player in sustainable infrastructure development across Sub-Saharan Africa and South and Southeast Asia. PIDG’s project development solution, InfraCo, mobilises capital and expertise to structure high-impact, early-stage projects.
Kong Solaire SAS, the project company, is 49% owned by InfraCo and 51% by Africa Via, an Ivorian developer of renewable energy projects. AXIAN holds a 55% stake in Africa Via alongside its founders, who hold the remaining 45%. Overall, AXIAN’s indirect stake in Kong Solaire is approximately 28%, while the founders of Africa Via hold an indirect stake of approximately 23%.
Minkaila Salami, CEO of Africa Via, said: “Kong Solaire is the result of work begun with the Ivorian State in 2020. 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. 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”
Benjamin Memmi, CEO of AXIAN Group’s Energy division, said: “Kong Solaire reflects Côte d’Ivoire’s ambitious renewable energy agenda, driven by the country’s authorities. With an installed capacity of 50 MWp, the project will help diversify the national energy mix and meet growing electricity demand with clean, competitive power. While this project will produce 96 GWh of clean energy per year, providing electricity to approximately 240,000 people, it also includes a strong commitment to supporting local communities, in line with AXIAN’s approach across the continent. Our ambition is to deliver lasting benefits alongside the infrastructure we build, making local development an integral part of the energy transition. We are proud to advance this vision alongside InfraCo Africa, Africa Via and FMO, with the signing of this financing agreement marking a key step towards bringing the project to life.”
Omar Jabri, PIDG’s Head of Business Development Africa (InfraCo) said : “We are proud to have reached this critical milestone alongside our partners AXIAN, Africa Via and FMO, as construction of the Kong Solaire project progresses. The project is expected to provide over 96GWh of clean energy annually to approximately 240,000 people, support Côte d’Ivoire’s ambition to increase the share of renewables in its energy mix to 45% by 2030, and contribute to the country’s long-term economic growth. 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”
Marnix Monsfort, Director of Energy at FMO, said: “We are proud to support Kong Solaire, one of Côte d’Ivoire’s first privately developed utility-scale solar project. 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 mobilize further private investment in the sector. The recent opening of FMO’s office in Cote d’Ivoire reflects our confidence in the country and the significant potential we see for increased private investment. Together with our partners, we look forward to shaping the next phase of renewable energy development in Côte d’Ivoire and contributing to sustainable energy across West Africa.”
