Genesis Capital Advises on $65M Green Bond for Ivorian Solar Project
TLDR
- Genesis Capital advises CFA42.65 billion green bond for solar project in Côte d’Ivoire, marking first green bond in UMOA regional energy market.
- Project involves building 66 MW solar plant in Korhogo, set to supply electricity to 400,000 households, reducing emissions by 70,000 tonnes annually.
- Transaction showcases regional capital market evolution in West Africa for financing large-scale infrastructure projects, highlighting role of green finance in Africa’s energy transition.
Genesis Capital has advised on a CFA42.65 billion, or $65 million, green bond issuance to finance a solar power project in Côte d’Ivoire. The deal reportedly marks the first green bond in the energy sector on the UMOA regional market.
The bond was issued by Poro Power 1 to fund the construction of a 66 MW solar plant in Korhogo. The project is expected to produce about 130 GWh per year, supply electricity to 400000 households and reduce emissions by about 70000 tonnes annually.
The issuance carries a fixed rate of 8.75% over 15 years and was fully subscribed by regional investors. It was structured as a project bond aligned with international green finance standards and local regulatory frameworks.
Africa Finance Corporation acted as a key investor and co-arranger, committing €43 million. MAC African SGI served as lead arranger for the transaction.
The project is backed by a 25-year power purchase agreement with the Ivorian government, providing stable revenue for the issuer. The deal reflects growing use of regional capital markets to finance infrastructure.
Key Takeaways
The transaction shows how regional capital markets in West Africa are evolving to finance large-scale infrastructure projects. Historically, projects of this size have relied on international lenders or development finance institutions. By raising CFA42.65 billion through a local green bond, Poro Power demonstrates that domestic and regional investors can fund complex energy assets when structures are aligned with global standards. The use of a project bond backed by a long-term power purchase agreement reduces risk by securing predictable cash flows, making the asset more attractive to institutional investors such as pension funds and insurance companies. The participation of Africa Finance Corporation as a cornerstone investor also signals confidence and helps crowd in local capital. More broadly, the deal highlights the role of green finance in Africa’s energy transition, where demand for electricity continues to grow while governments seek to increase the share of renewable energy. It also reflects regulatory progress in the UMOA region, where frameworks are being adapted to support structured products and investor protection. If replicated, this model could unlock funding for other infrastructure sectors such as transport, water and telecommunications, reducing reliance on external financing and deepening regional capital markets.
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