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Monday, 25 October 2010

The EIB and AfDB finance first large-scale wind farm in Africa

The European Investment Bank and African Development Bank today agreed to provide EUR 45m to design, build and operate onshore wind farms on four islands in the Cape Verde archipelago. This will be the first large scale wind project in Africa and first renewable energy public private partnership in sub-Saharan Africa. The project will provide over 28MW of electricity generating capacity and help the island reach an ambitious target of ensuring that 25% of local power needs are provided by renewable energy by 2012 and 50% by 2020. The project is being developed by InfraCo in a public-private partnership between the government of Cape Verde and local power utility Electra. The project will introduce modern wind power technology provided by Vestas to enable wind power to be established as the primary alternative to electricity produced by fuel oil or diesel. Alongside significantly reducing greenhouse gas emissions the programme will increase access to electricity in Cape Verde, reduce the need to import fuel priced in foreign currency and help establish wind energy as a reliable source of non-polluting renewable power on the islands. The European Investment Bank will provide EUR 30m and the African Development Bank EUR 15m for the EUR 65m project. The project follows the European Union 2008 - 2013 Cape Verde country strategy.

Source: EU@UN

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