Press Release
AFC Supports Wind Power in Cape Verde
Invests in €61 million renewable energy project
Lagos, 27 July, 2010 –The Africa Finance Corporation (AFC) has invested in the development of a landmark wind power project in Cape Verde. AFC has made a significant equity investment in Cabeolica SA, the company set up to build, own and operate the project.
This public-private partnership with the Government of Cape Verde entails the development, construction, ownership and operation of about 30 wind turbines on four islands of the archipelago. These turbines will have an installed capacity of approximately 28 megawatts.
Cape Verde has outstanding wind resources, but the country relies heavily on expensive imported fossil fuel for power generation. The wind power project will reduce that reliance substantially. Cape Verde is targeting 25 percent of national utility power generation to be provided by renewable sources by 2011, and 50 percent by 2020.
“The project is one of the larger wind power projects to be developed in Africa to date, and is one of the most prominent of its kind in the African renewable sector,” says Andrew Alli, AFC President and Chief Executive Officer.
When the project is completed, it will increase the national utility’s total installed generation capacity from 66 to 94 megawatts. The total contribution of renewable power in the country will also rise to over 25 percent. The first plant on the island of Santiago is expected to be tested and commissioned by May 2011 with all four plants scheduled to become operational by the fourth quarter of 2011.
The project has been developed by InfraCo as the lead developer, in partnership with Empresa de Electricidade e Agua (Electra SARL), Cape Verde’s national electricity and water utility, and the Government of Cape Verde as project sponsors. Other equity investors in the project include the Finnish Fund for International Cooperation (Finn Fund).
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About AFC
www.africafc.org
AFC is an African-led financial institution, whose mission is to improve African economies by proactively developing and financing infrastructure. AFC is the lead investor in conjunction with Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC is also the main African participant in a seven-year USD750 million syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field – West Africa’s largest offshore deepwater find in over a decade.
Contact
Richard Uku
Senior Vice President
& Head, Corporate Communication
Africa Finance Corporation
3a Osborne Road
Tel. + 234 1 279 9600
Email: richard.uku@africafc.org
Kudzayi Hove
Senior Vice President & Head, Private Equity
Africa Finance Corporation
3a Osborne Road
Tel. + 234 1 279 9600
Email: Kudzayi.hove@africafc.org
http://www.africafc.org/news/item.php?uid=b805c876-9974-11df-b