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 US90 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% 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 & Chief Executive Officer of the Africa Finance Corporation 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 role in this project, and is honoured to be recognised for providing an African private sector investment solution which underscores the global imperative for sustainable energy.”