Germany to fund renewable energy sector in Cape Verde

8 May 2013

Germany plans to fund construction of infrastructure in Cape Verde so that all the electricity consumed on the archipelago for renewable energy, a project with an estimated cost of 1.2 billion euros, a German official said in Praia Thursday.

Michel Knaus, director of the international department of the German Institute for Management and Research, who has been in Cape Verde working on the project for around a year, said that German support would be outlined at a meeting due to be held Friday with the Cape Verdean government.

According to Cape Verdean news agency Inforpress the initiative is part of the Cape Verdean government programme that aims substantially to increase the weighting of renewable energy in its overall electricity production, which currently stands at around 30 percent.

Noting that the project requires investment of 1.2 billion euros, Knaus said that Cape Verde currently spends around 13 million euros per year (around 2.3 percent of its State Budget) on importing fuel, which is 9 million euros more than in 2004.

“We have spoken to German companies and they are interested in entering the Cape Verdean market, which was also the case for the Chinese companies that found out about the programme,” said Knaus, noting that the “ideal” situation would be to attract foreign investors to set up partnerships.

Knaus also said that if this project in Cape Verde was successful, “the experience can be exported to other countries in the sub-region.” (macauhub)