The Kong solar power project in northern Côte d’Ivoire has reached an important milestone with the mobilization of its long-term financing. Dutch development bank FMO plans to provide up to €55.5 million, or approximately $62.3 million, to Kong Solaire SAS. The 20-year loan is intended to cover the project’s entire long-term financing requirements.
With an installed capacity of 50 megawatts-peak (MWp), the plant is already under construction near the town of Kong. The developers expect commissioning in 2028, after around 18 months of construction. Once operational, the facility is expected to generate nearly 96 gigawatt-hours of electricity annually. These figures are project forecasts: actual output will depend on completion of construction, operating conditions and equipment availability.
Financing backed by a 25-year power purchase agreement
The electricity generated will be sold to CI-ENERGIES, the public company responsible for Côte d’Ivoire’s electricity sector, under a 25-year power purchase agreement (PPA). The long-term contract provides visibility over the project’s market and allows the lender to assess the plant’s ability to generate the revenues needed to repay the financing. Detailed tariff terms were not disclosed in the public information consulted.
This structure thus combines long-term debt financing, a public buyer and a private project. It aims to advance a generation asset without placing all initial expenditure on the state budget. For CI-ENERGIES, additional capacity can diversify available electricity sources; for the project, the strength of the purchase agreement and successful execution of construction will be decisive.
Kong Solaire SAS brings together Africa Via and InfraCo Africa, the project development arm of the Private Infrastructure Development Group (PIDG). Africa Via holds 51% of the project company and InfraCo 49%. AXIAN Group indirectly owns approximately 28% of the project through its 55% stake in Africa Via. This ownership structure combines a regional developer, a PIDG investor and a pan-African private-sector company.
Capacity for the grid and northern regions
The developers estimate that the plant could supply the equivalent of the electricity needs of around 240,000 people. This comparison reflects expected annual generation, and does not mean the plant will be connected to 240,000 separate households or supply them directly. Grid integration and distribution fall within the national electricity system.
The project is located in northern Côte d’Ivoire, a region where infrastructure expansion and electricity access are development priorities. Feeding nearly 96 GWh into the grid annually could support national supply and help diversify the generation mix. Local benefits will also depend on connection, the economic effects of construction and the grid’s ability to carry electricity to areas of consumption.
On the environmental front, the partners estimate that the plant could avoid approximately 54,000 tonnes of carbon dioxide annually. This estimate is based on projected solar generation and the fossil energy it could replace in the system. The actual result will depend on the marginal electricity mix when power is fed into the grid, as well as the plant’s performance.
The role of development finance
FMO’s commitment covers the project’s long-term financing. The 20-year maturity matches the horizon of an asset generating revenues over several decades, while the 25-year PPA provides a contractual outlet extending beyond the loan. The difference between these horizons can contribute to the project’s bankability, provided construction, operating and payment conditions are met.
For the developers, financing helps support construction and distribute risk among several partners. For public institutions, such arrangements can accelerate the development of energy capacity when budget constraints limit direct investment. They nevertheless require transparency over contractual commitments, risk allocation and any guarantees. Available details do not establish these clauses or the financial structure beyond the announced amount and duration.
The Kong plant forms part of a broader expansion of utility-scale solar projects in Côte d’Ivoire. The challenge is to turn diversification targets into generation that is actually available and integrated into the grid. Its 50 MWp capacity, expected 96 GWh output and 25-year contract are the main parameters for monitoring the project’s progress.
Commissioning will be the next milestone
Mobilizing funds reduces an important uncertainty, but the project must still move from construction to operation. Milestones to watch will include construction progress, grid connection, technical testing and the commercial delivery date. Meeting the 2028 deadline will determine when the announced capacity can contribute to electricity supply.
For Côte d’Ivoire’s sector, Kong represents an operation bringing together international financing, private development and public electricity purchasing. Its success will be measured by power actually delivered, service reliability, contractual payments and local benefits. FMO’s financing therefore marks concrete progress, while the asset’s performance over time will show whether this model can be replicated to strengthen the country’s energy supply.