IFC and the Government of Côte d'Ivoire today (Aug 7) announced Infinity Power Holding as the winning bidder to design, finance, build, and operate two grid-connected solar PV plants in Côte d'Ivoire. The plants will bring clean, reliable electricity to more than 400,000 households, schools, hospitals, and businesses in remote areas of the country.
Infinity Power was awarded the project with a bid to supply 80 megawatts of solar power at EUR 0.03310 per kWh for a stie in Laboa and EUR 0.03213 per kWh for a site in Touba, setting a new record for the lowest solar independent power producer tariffs in West and Central Africa.
Infinity Power is a joint venture between Infinity (Egypt) and Masdar (United Arab Emirates).
Côte d'Ivoire's Government organized the bidding process through the World Bank Group's Scaling Solar Program, which is a one-stop-shop financing approach leveraging various World Bank Group instruments and services to reduce energy generation costs.
The project will help Côte d'Ivoire reach its goal of increasing the country's share of renewable energy to 42 percent by 2030 from only about 1 percent currently. By introducing more Solar PV capacity, Côte d'Ivoire is diversifying its energy mix while developing a more resilient energy sector.
Mohamed Ismail Mansour, Co-Founder and Chairman of Infinity Power, said, "This is a breakthrough moment for the business and for Côte d'Ivoire. Being entrusted with projects of this importance demonstrates our ability to deliver on Africa's energy potential. These solar plants will not just bring affordable electricity to hundreds of thousands of people but will also empower communities, strengthen infrastructure, and accelerate the country's progress toward a decarbonised future. We are proud to be in a position to lead such a transformative effort."
"These projects have three key objectives: to increase our production capacity, to strengthen our energy resilience, and to create local job and investment opportunities. These projects represent a significant step towards meeting our climate commitments by 2030, said Mamadou Sangafowa-Coulibaly, Minister of Mines, Oil and Energy in Côte d'Ivoire.
"Côte d'Ivoire has made significant progress in expanding access to electricity for its population," said Marie Chantal Uwanyiligira, World Bank Division Director for Benin, Cote d'Ivoire, Guinea and Togo. "Increasing the share of solar energy in its mix, as demonstrated in this operation, will not only lower generation costs but also set the country on the path to universal access. The World Bank Group applauds these efforts and stands ready to leverage its financing and technical expertise to attract more private sector investment."
"IFC's strong support for Côte d'Ivoire's socio-economic development is reflected in our partnership with the Government to support clean power generation for underserved regions. Access to clean energy fosters rural productivity and incomes, develops human capital, and creates sustainable, private sector jobs,'' said Olivier Buyoya, IFC Regional Director for West Africa.
The project was supported by a financial contribution from the German Federal Ministry for Economic Cooperation and Development. Construction is expected to begin by March 2026, with completion by the end of 2026.
About IFC
IFC a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Scaling Solar
Scaling Solar is a World Bank Group program that makes it easier for governments to procure and develop large solar projects with private financing. It includes a package of expert advice, fully templated documents, pre-approved financing, insurance products, and guarantees. Scaling Solar is developed in partnership with the Government of Denmark, the Government of Korea, the Government of the Netherlands, the Government of the United Kingdom, the United States Agency for International Development (USAID)'s Power Africa, and the Private Infrastructure Development Group (PIDG). For more information, please visit www.scalingsolar.org.
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