Renewables
AXIAN secures financing for Ivorian solar project
Dutch development bank FMO has agreed to provide up to €55.5 million in long-term loans for a 50-megawatt solar installation in northern Ivory Coast.
Key points
- FMO provides up to €55.5 million in 20-year loans for the Kong Solaire installation.
- The facility will generate approximately 96 gigawatt-hours annually under a 25-year power purchase agreement.
- Construction is expected to last 18 months, with commercial operations scheduled for 2028.
What happened
According to Billionaires.Africa, a solar facility located near Kong in northern Ivory Coast has finalized its debt package. The financing agreement involves up to €55.5 million ($62.3 million) in 20-year loans extended by the Dutch development bank FMO to Kong Solaire SAS. AXIAN Group, headed by Malagasy businessman Hassanein Hiridjee, holds an indirect stake in the development through its partnership with local developer Africa Via and InfraCo, the infrastructure arm of the Private Infrastructure Development Group.
FMO's funding is divided into two parts: €50.5 million designated for the solar facility itself and €4.5 million allocated for the transmission infrastructure. Once construction concludes, the transmission assets will be transferred to the Ivorian government. Africa Via maintains a 51 percent majority stake in Kong Solaire, while InfraCo holds the remaining 49 percent. AXIAN owns a 55 percent share of Africa Via.
Project outlook and agreements
Construction activities are currently underway and are projected to take about a year and a half. Commercial generation is slated to begin in 2028. The site is engineered to yield around 96 gigawatt-hours of electricity each year, which is projected to serve roughly 240ans of individuals and cut carbon dioxide emissions by approximately 54,000 tons annually. State utility CI-Energies will purchase the generated power under a 25-year agreement, operating alongside a 25-year governmental concession.
Benjamin Memmi, chief executive officer of AXIAN's energy branch, stated that the project aligns with the country's broader renewable energy strategy. Marnix Monsfort of FMO noted that the initiative marks one of the nation's early privately developed utility-scale solar ventures. Ivory Coast recorded a renewable share of electricity output of 22.8 percent in 2021, according to World Bank figures.
Why it matters
For West African energy markets and regional investors, the financial closure of Kong Solaire demonstrates how tailored project-finance structures can unlock private capital for utility-scale renewables. Access to electricity stood at 72.9 percent of the population in Ivory Coast in 2024, with an average electricity use of 365.9 kilowatt-hours per person, according to World Bank data. Expanding generation capacity through private sector participation helps diversify national energy mixes and supports broader electrification goals across the region without relying entirely on public balance sheets.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
22.8% of electricity in Ivory Coast was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
