Equity or Mezzanine Co-Investment in Agri-Biomass Independent Power Producer (IPP) Supply-Chain Infrastructure — Divo Cocoa Belt

Côte d'Ivoire remains West Africa's most dynamic investment destination in mid-2026, underpinned by average GDP growth exceeding 6% since the COVID-19 pandemic, a record FDI inflow of $3.8 billion in 2024 (an all-time high), and CEPICI-approved private investment rising 9.6% year-on-year to $1.45 billion in 2025. The forthcoming 2025–2030 National Development Plan pivots the economy toward digitalization, value-added agro-processing, and green growth, supported by the government's Public Investment Programme (PIP 2025–2027) and a $1.3 billion IMF Resilience and Sustainability Facility focused on renewable energy. Three structural catalysts are converging simultaneously: (1) three cashew agro-industrial zones formally transferred to private management in February 2025 with an additional 150,000 tons of processing capacity expected by 2026; (2) a landmark June 2025 agreement between SODEN and Dutch blended-finance fund CFM to develop the world's first grid-connected cocoa biomass power plant; and (3) CEPICI's Agenda 2026–2028, which specifically targets industrial cluster development and renewable energy. The CFA franc's peg to the euro provides currency stability for European investors, while the EU–Ivory Coast Economic Partnership Agreement grants duty-free EU market access for Ivorian processed goods, creating a compelling export arbitrage for value-added manufacturers.

On 3 June 2025, Climate Fund Managers (CFM) and Ivorian IPP SODEN signed a $3 million development-funding agreement for the 76 MW Divo Biomass Plant — the world's first industrial-scale, grid-connected cocoa waste-to-energy facility — which will generate 550 GWh/year and serve 1.4 million people. The government's National Energy Pact targets 45% renewables by 2030 and $2 billion in private energy investment, while the December 2025 adoption of the PIRME policy framework (USD 68 billion over 15 years) cements the regulatory pipeline for independent renewable producers.

Market drivers:

- Côte d'Ivoire produces over 45% of the world's cocoa; for every tonne harvested, 13+ tonnes of agricultural waste are currently left to rot — an enormous zero-cost feedstock base for biomass energy entrepreneurs

- Government targets 45% renewables in the energy mix by 2030 with $2 billion in private capital mobilisation under the National Energy Pact, creating guaranteed long-term power purchase agreements (PPAs) with the state

- EU DEFORESTATION REGULATION (EUDR) compliance pressure on cocoa supply chains is pushing agro-processors to demand traceable, low-carbon electricity, structurally increasing demand for renewable baseload power

Risks:

- Concession negotiations with the government remain ongoing (begun August 2024) and regulatory timelines in Côte d'Ivoire can slip — full commissioning is projected for 2029

- CI-Energies remains the single mandatory buyer (offtaker), creating concentration risk; the Corporate PPA reform enabling direct industrial offtake is still being finalised by ANARE-CI through 2026