The Africa Finance
Corporation (AFC) scored another first with the granting of the Best
Renewable Project in Africa Award to the Cabeolica Project, at the
recent Africa Energy Awards held in Johannesburg.
The Cape Verde
based Cabeolica wind farm project was singled out for being the first
commercial scale Public Private Partnership (PPP) wind farm in
Sub-Saharan Africa.
AFC is the majority
investor in Cabeolica SA, which was established to develop, build, own
and operate the $90 million, 28MW landmark renewable energy wind power
project in Cape Verde. This public-private partnership with the
government of Cape Verde and the national power utility, Electra,
entails the construction of 30 wind turbines on four of the seven
inhabited islands of the mid-Atlantic archipelago.
When completed, the
wind farm will make substantial savings in energy costs each year and
help the government of Cape Verde achieve its target of ensuring 25
percent of local power needs are provided from renewable sources.
The project was
financed with equity from the Africa Finance Corporation, Finnfund,
InfraCo Africa, Electra and the government of Cape Verde. Debt
financing was provided by the European Investment Bank and the African
Development Bank.
Andrew Alli, president and chief executive officer of the AFC said:
“Renewable energy resources need to be harnessed effectively to provide
more cost efficient sustainable power, address the infrastructure
investment deficit and make an economic difference in the lives of
Africans. AFC has strengthened its commitment to pioneering renewable
energy investments on the continent with a lead investor.”
