Cabo Verde’s (Cape Verde’s) electricity and water company Electra will be privatized in 2019/2020, in the way that will be defined by a study that has yet to be carried out, the Cape Verdean deputy prime minister and minister of Finance said on Tuesday.
Olavo Correia, at the end of his visit to Electra’s premises in Gambôa and Palmarejo, accompanied by the Minister of Industry, Trade and Energy, Alexandre Monteiro, said that the company’s privatisation process would be studied, decided and executed.
The deputy prime minister and finance minister, quoted by the Inforpress news agency, said the government had already received proposals from several interested parties, but stressed that the key now is to work on an appropriate privatisation model.
“We have several models under analysis and we will define what best allows us to be independent in relation to fossil fuels, to use renewable energy increasingly to supply electricity, to reduce energy bills, combat technical and commercial losses and to produce enough energy to supply all of Cabo Verde’s islands,” he said.
Correia said that 20% of the electricity produced in the archipelago is based on renewable sources and that “despite being at the top in Africa it has room to grow much more by drawing up a regulatory framework that allows private companies to invest in the sector, thus reducing dependence on fossil fuels.” (macauhub)