Sokhoro Solar Plant Reaches Financial Close

Côte d’Ivoire has reached financial close on the 52 MWp Sokhoro Solar Plant, marking a key step in the country’s expansion of utility-scale renewable energy. The plant is located near Ferkessédougou in the Tchologo Region and is expected to be among the largest solar installations in the country. The project is being developed by Poro Power 1, a special purpose vehicle led by PFO Africa. It is structured as an independent power producer, supplying electricity into the national grid under a long-term arrangement.

A central feature of the transaction is its dual-currency financing structure, combining euro-denominated funding with local currency financing in FCFA. This hybrid approach is designed to mitigate foreign exchange risk, a key constraint in infrastructure financing across West Africa, while enabling participation from both international and regional capital providers. The financing package includes approximately $30 million (€28 million) from Emerging Africa & Asia Infrastructure Fund, alongside local currency funding equivalent to $26 million (€24 million) from the West African Development Bank.

The structure reflects a blended financing approach, combining development finance, local capital markets, and innovative funding instruments to support project bankability. It also signals increasing depth in regional financial markets, particularly for energy infrastructure assets. Once operational, the Sokhoro plant is expected to generate approximately 90 GWh of electricity annually, supporting power supply to an estimated 370,000 people. The project is also projected to reduce carbon emissions by around 41,000 tonnes per year.

Beyond generation, the project is expected to contribute to local economic activity, including job creation during construction and operations, and increased infrastructure investment in northern Côte d’Ivoire.

The transaction aligns with the government’s target to increase the share of renewable energy in the national energy mix to 45% by 2030. It also represents one of the first large-scale solar IPP projects led by a domestic developer, highlighting the growing role of local sponsors in structuring and delivering complex energy infrastructure projects in West Africa.