This financial and technical mobilization by the African Development Bank marks an important step for Cape Verde in its transition to clean, reliable and universally accessible energy.
Significant financing wind energy
The African Development Bank (AfDB) has approved financing of 19.6 million EUR to support a wind energy project in Cape Verde. This funding includes a loan of nearly 12.6 million EUR from the AfDB and a concessional loan of 7 million EUR from the Sustainable Energy Fund for Africa (SEFA).
Project Goals and impact
The project aims to strengthen Cape Verde’s renewable energy production capacity, particularly through the development of wind power, to improve the island nation’s energy independence. It is part of a broader strategy to enhance the quality of electricity service and increase access to electricity for the population, thereby contributing to economic competitiveness and improved living conditions.
Building on Previous initiatives
The project builds on the AfDB’s previous successes in Cape Verde’s energy sector, notably the development of the Cabeólica wind farms, which increased the share of renewable energy in the national energy mix from 2% to 20%. These wind farms account for approximately 28% of national energy production and boast an availability rate exceeding 97%, demonstrating the reliability of this clean energy source.
Contribution to Africa’s Energy
TransitionThis initiative is part of the AfDB’s broader “New Deal on Energy for Africa,” which aims to achieve universal electricity access across the continent by 2030 by harnessing renewable resources such as solar, wind, and hydropower. The AfDB plays a key role in Africa’s energy transition by financing innovative projects and establishing partnerships with both public and private sectors.
Perspectives for Cape Verde
The project to develop the electrical transmission and distribution system, co-financed with the Japan International Cooperation Agency (JICA), will improve the technical, commercial, and financial performance of the national electricity company, Electra. It will help expand electrical networks, strengthen existing infrastructure, and install modern control equipment, ensuring better service quality and greater sustainability of investments.
