CFM, SODEN Launch Waste-to-Energy Plant in Ivory Coast

Investment company Climate Fund Managers (CFM) and renewable energy company Société Des Énergies Nouvelles (SODEN) have signed a $3 million agreement to co-develop a cocoa waste-to-energy plant in Divo, Ivory Coast.

The 76 MW Divo biomass project will convert 600,000 tons of cocoa and agricultural waste annually into 550 GWh of renewable electricity, enough to power 1.4 million people.

The plant will support 36,000 cocoa farmers by creating new revenue from waste, add €6.8 million per year to the local economy, and generate 3,900 jobs, including 3,500 during construction and 440 permanent positions. It aims to avoid 300,000 tons of CO₂ annually for 29 years, using existing waste and end-of-life rubber trees to avoid deforestation.

The project is structured as a public-private partnership and is currently under concession negotiations with the government. SODEN has already committed over €2 million. CFM’s investment comes from its Climate Investor Two fund, backed by the EU. Full financial close is targeted for 2026, with up to $35 million in construction equity expected from CFM.

The project, in development since 2016, received a $996,000 grant from the U.S. Trade and Development Agency in 2018.

 “This project demonstrates the role of blended finance in delivering complex infrastructure in frontier markets,” said Darron Johnson, Regional Head for Africa, CFM.

“This investment reflects our integrated approach to addressing climate and rural challenges,” added Francesca Di Mauro, EU Ambassador to the Ivory Coast.