CFM invests in grid-connected biomass plant in Côte d’Ivoire

Climate Fund Managers (CFM) and Ivorian independent power producer Société Des Energies Nouvelles have signed a $3 million funding agreement to co-develop the Divo Biomass Project in Côte d’Ivoire.

The 76MW Divo Biomass Project, said to be the world’s first grid-connected cocoa waste-to-energy power plant, is being developed as a public-private partnership.

Once complete, the plant will convert 600,000 tonnes of agricultural waste annually into baseload electricity for the national grid. The waste will include cocoa pod husks, bean shells, and rubber trees that have reached the end of their economic life.

The plant will generate 550GWh/year of clean electricity and avoid 300,000 tonnes of CO₂ equivalent emissions annually over 30 years starting in 2029.

Furthermore, it will create over 3,900 jobs and support approximately 36,000 smallholder cocoa farmers through new income streams.

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The project is being financed through CFM’s EU-supported Climate Investor Two fund, a blended finance facility focused on infrastructure development in emerging markets.

The development funding will be used to support technical design, permitting, environmental and social studies and concession negotiations with the Government of Côte d’Ivoire. It will also aid in finalising the PPA with the state, which will act as the project offtaker.

Darron Johnson, regional head of Africa at CFM, commented in a statement: “This project demonstrates the vital role of blended finance in bringing complex, first-of-its-kind infrastructure to life in frontier markets like Côte d’Ivoire. By using public capital to fund early-stage development, we can unlock private capital at scale - delivering not only clean energy and rural livelihoods, but also setting a precedent for future investment in the country.”

Yapi Ogou, CEO of Société Des Energies Nouvelles, explained that annually, cocoa production leaves millions of tonnes of waste which represents an unused opportunity. “By harnessing this untapped resource to generate clean, reliable energy, we’re turning a national challenge into an opportunity for sustainable growth, rural prosperity, and a more resilient energy system.”

Francesca Di Mauro, the Ambassador of the European Union to the Republic of Côte d'Ivoire, said: “The investment in Divo Biomass Plant, part of the EU’s broader Global Gateway strategy, illustrates our comprehensive approach to tackling critical challenges such as climate change, deforestation, and rural job creation.

"By integrating a circular economy approach – generating renewable energy from cocoa waste - the Divo project exemplifies innovation in clean energy. The investment is part of a broader Team Europe Initiative on low carbon (over EUR 1.5 billion in investments). We are excited by this transformative project that promises significant environmental, social, and economic benefits for local communities and the region,” concluded Di Mauro.

Development on the Divo Project began in 2016 and in 2018 received a $96,000 grant from the US Trade and Development Agency to support feasibility studies.