Andrew Mizner
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French law firm Gide has advised on an investment in a private solar project in Côte d’Ivoire.
In a deal announced on 16 October, Dutch foreign direct investment (FDI) institution FMO has invested EUR 55.5 million in a solar power project in Côte d’Ivoire.
Based in the north of the country, the project is one of Côte d’Ivoire’s first privately developed large-scale solar sites and is intended to generate power for 240,000 people, saving 54,000 tonnes of carbon emissions annually.
Kong Solaire, which operates the project, is 49% owned by InfraCo, an investment arm of London-based multilateral organisation the Private Infrastructure Development Group (PIDG), and 51% by the Ivorian energy company Africa Via, in which Madagascar-headquartered investor Axian Group holds a 55% stake.
PIDG’s membership is made up of seven countries, Australia, Germany, the Netherlands, Norway, Sweden, Switzerland and the UK, along with the World Bank’s International Finance Corporation, and has offices in Kenya, Morocco and Singapore.
The organisation’s London-based in-house managing counsel Fred Chabrier worked on the deal, while PIDG and Axian were advised by French law firm Gide, represented by Paris-based partner Victor Grandguillaume, and Morocco-based senior associate Mounia Larhrissi and avocat Frédéric Pia. It follows the firm’s advice on a power purchase agreement for a Liberian solar energy site in May this year.
A division of Axian bought five African financial services businesses in April, having launched a private equity and investment arm in 2023. Earlier this month, a solar project in Chad secured EUR 30 million in a deal advised on by Ashurst Perkins Coie and Kreich Avocats, while last month Bowmans advised on a potential solar project in South Africa.
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