AfDB grants loan to Cape Verde for wind energy project on four islands

24 May 2010

Praia, Cape Verde, 24 May – The African Development Bank (AfDB) has approved a 15 million euro loan to Cape Verde to finance a wind energy project on four of the country’s islands (Santiago, Sao Vicente, Sal and Boavista), the institution announced.

A note released by the bank indicates that the project will be carried out by Cabeolica, a mixed company formed by the Cape Verdean state, Electra and InfraCO. When complete, those four islands should have an installed capacity of 28 megawatts.

The project involves the construction, operation and maintenance of four wind power sites which will later be connected to the national grid. Each site will count various wind turbine towers, energy transformers, substations, a command centre and an underground distribution line, as well as road accesses.

International experts consider that Cape Verde has huge potential for obtaining clean and renewable energies such as solar and wind power. Various projects are under way to achieve the target of 50 percent of production using alternative energies by 2020.

Plans call for this project to be finished by the end of this year. Renewable energies will then account for 25 percent of Cape Verde’s total production.

Cape Verde maintains an active AfDB portfolio of 64.65 million euros, an amount concerning only the five ongoing operations, in which about 80 percent is assigned to budget assistance and the rest to infrastructures and the rural and social sectors.

Since 1977 the AfDB has approved 39 operations for Cape Verde worth a net amount of nearly 164.28 million units of account, equivalent to about 185 million euros. (macauhub)