Dutch development bank FMO is financing the 50 MW Kong solar project in the Ivory Coast. Its €55.5 million ($62.3 million) financing package represents the project’s entire long-term financing with a 20-year tenor.

Located near the town of Kong in northern Ivory Coast, the solar project is expected to supply electricity to approximately 240,000 people once completed.

Construction of the power plant is already underway, following a groundbreaking ceremony in October 2025. Commissioning is currently scheduled for 2028. A 25-year power purchase agreement is in place with CI-Energies, the country’s state-owned electric utility.

FMO entered into the financing agreement with project company Kong Solaire SAS.

Africa Via, an Ivorian developer of renewable energy projects, holds a 51% stake in Kong Solaire SAS, while project development and investment company InfraCo holds the remaining 49%. Pan-African conglomerate Axian holds a 55% stake in Africa Via alongside its founders, giving it an approximately 28% indirect stake in Kong Solaire.

Marnix Monsfort, Director of Energy at FMO, said the financing agreement is the bank’s second solar energy investment in the Ivory Coast and coincides with the opening of an office in the country.

“[This] reflects our confidence in the country and the significant potential we see for increased private investment,” Monsfort said.

Earlier this year, the Ivory Coast switched on its second utility-scale project with the inauguration of the 52 MW Ferké solar plant in the northern Tchologo region. It followed the Boundiali solar project which came online in April 2024.

Several other large-scale solar sites are under development, including the 52 MW M’Bengue solar facility and 50 MW Bondoukou solar plant.

The Ivory Coast is working towards a target of increasing the share of renewables in its energy mix to 46.3% by 2035. The target includes increasing solar capacity to more than 1.3 GW by the same year.

The Africa Solar Industry Association (AFSIA) has tracked 723.4 MW of operational solar in the Ivory Coast, according to figures available in its project database, the majority of which is listed as unidentified commercial and industrial projects. The database lists a further 144.1 MW of solar as under construction.