Côte d’Ivoire: EAAIF invests €28m in solar plant
The Emerging Africa & Asia Infrastructure Fund has made a €28 million investment in a 52 MW solar plant in Côte d’Ivoire.
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The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, has announced a €28 million investment in a 52 MW solar photovoltaic (PV) plant in northern Côte d’Ivoire.
The commitment will provide a critical source of power for underserved businesses and communities around the city of Ferkessédougou which sits at a major crossroad with direct routes to border crossings into Mali and Burkina Faso. Access to electricity in Côte d'Ivoire varies significantly between urban and rural areas. In 2022, 70.4% of the population had access to electricity with the rural, northern regions, facing the largest gap in access.
The West African Development Bank (BOAD) which acted as the mandated lead arranger, also invested €24 million equivalent in local currency in the project which will be developed by PFO Energies, a wholly owned subsidiary of PFO Africa – one of the largest construction companies in Côte d’Ivoire. PFO Energies will also construct an 8km 90kv transmission line to connect the project to the national grid.
The project is one of the several concessions recently awarded under the government’s solar PV independent power producer (IPP) framework. These concessions collectively account for 600MW and a significant portion has been awarded to local Ivoirian companies. The transaction represents a significant milestone as the first solar IPP to announce financing and the first by a domestic company. The investment will support the development of Côte d’Ivoire’s private sector, providing a roadmap for local companies to partner with international financiers to plug energy access gaps.
Thanzi Ramukosi, investment specialist at Ninety One, the fund manager of EAAIF, said: “Our investment reinforces our ambition to provide energy access for underserved communities and businesses in Côte d’Ivoire by supporting the government’s strategy to welcome participation from the private sector. This landmark transaction will serve as a catalyst for further private investment in renewable energy IPPs, positioning EAAIF as a key driver of change for the country’s solar sector.”
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