PFO Africa inks concession agreement with Cote d’Ivoire for development of 52 MW photovoltaic solar power plant in Sokhoro

CÔTE d’IVOIRE – Infrastructure investor PFO Africa, a subsidiary of PFO Energies, has signed a concession agreement and power off-take deal with the government of Cote d’Ivoire for a 52-MWp solar undertaking.

In accordance with the pact, PFO Africa will conceptualize, finance, build, and operate the photovoltaic (PV) park, estimated to require an investment of XOF 39.5 billion (US$65.2 million).

Known as the Ferke solar initiative, situated in the town of Sokhoro, the initiative anticipates an annual electricity production of 90 GWh, sufficient to cater to the energy needs of over 370,000 local residents.

The commencement of construction is scheduled for the second half of this year, with an anticipated completion timeframe of approximately 14 months.

Cote d’Ivoire has set a target of achieving a 45% renewable energy share by 2030 and has recently unveiled agreements for the deployment of 600 MW of solar PV capacity between 2025 and 2026.

The Ferke solar venture is poised to significantly contribute to the nation’s renewable energy objectives and address the escalating demand for electricity in the vicinity.

Affirming their commitment to sustainable development in Africa, Mr. Clyde Fakoury, General Administrator of the PFO Africa Group, underscores that the agreement underscores their active involvement in the aspirations of both the country and the continent.

This collaboration solidifies the mutual dedication of both entities to spearhead renewable energy initiatives in Ivory Coast.

In recent years, Cote d’Ivoire has been seeking for partnerships and financing to accelerate adoption of renewable energy in the country.

In January of 2023, the West African country inked a solar PV project agreement with the Middle Eastern renewable energy firm AMEA Power to develop over 85GWh of clean energy annually.

Located in the city of Bondoukou in northeastern Ivory Coast, the initiative represents the country’s inaugural solar independent power project.

Employing a build-own-operate and transfer model and necessitating a US$60 million investment, the project will be wholly developed by AMEA Power.

Compagnie Ivoirienne d’Electricité, responsible for the electrical network across Ivory Coast, will act as the offtaker for the project.

Hussain Al Nowais, chairman of AMEA Power, states, “The region has significant untapped potential for renewable energy and green hydrogen. As AMEA Power expands its investments across Africa, we will collaborate with governments, businesses, and local communities for project development.”

AMEA Power has been actively investing in Africa. In 2022, the company concluded financing for 1GW of renewable energy projects in Egypt, encompassing a 500MW solar PV plant and a 500MW wind farm. These projects will augment AMEA Power’s renewable energy capacity in Egypt to 2GW.

Additionally, in November 2022, AMEA Power announced its plans to enlarge the Mohammed Bin Zayed Solar Power Plant in Togo from 50MW to 70MW, making it the largest solar plant in West Africa. The expansion will include battery storage to extend the availability of clean energy during nighttime.

The company is also in the final stages of constructing a solar project in Burkina Faso and actively developing a solar initiative in Mali.

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