EIB and ADB loan 45 million euros to Cape Verde for construction of wind farms

12 October 2010

Luxembourg, 12 Oct – The European Investment Bank (EIB) and the African Development Bank (ADB) are to loan 45 million euros to Cape Verde to install four wind farms on four of the archipelago’s islands, the European bank said in a statement.

The wind farms will be set up on the islands of Santiago, São Vicente, Boavista and Sal and will have an overall cost of 65 million euros, with the European Investment Bank loaning 30 million euros and the African Development Bank 15 million euros.

In a statement published last week on its website, the EIB said that the loan agreement had been signed in Washington by the vice president of the bank responsible for Africa, by the Cape Verdean Finance Minister, Cristina Duarte and by representatives of the ADB.

The wind farms will have a generation capacity of 28 megawatts and will be installed by InfraCo, an infrastructure development company funded by donors under a public-private partnership between the Cape Verdean government and local electricity company Electra.

The projects will be added to solar power farms on the same islands, which in some cases are already operating, such as on Sal island. (macauhub)