AFC completes Cape Verde energy acquisition

InfraCo AfricaFrom OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – AFRICA Finance Corporation (AFC), the Lagos-based group, has completed the purchase of InfraCo Africa’s stake in the Cabeólica Wind Farm in Cape Verde.

The deal follows the share purchase agreement signed in May 2015 when AFC agreed to purchase InfraCo Africa’s remaining stake in the project.

Andrew Alli, President and Chief Executive Officer of AFC, expressed excitement at taking a larger part in this ground-breaking project.

“The additional share purchase will allow further expansion and other uses of wind energy in Cape Verde. We are very proud of our growing work in addressing Cape Verde’s energy needs though sustainable measures, all the while seeking a competitive return on investment for our shareholders,”
said Alli.

Cabeólica is the first privately-financed sustainable wind farm on a commercial scale in sub-Saharan Africa.

It provides access to electricity for 360 000 people, which is about 72 percent of the Cape Verde population.

The project is staffed entirely by skilled Cape Verdean employees and with sustainability at its core; it has avoided an estimated 55,000 tonnes of carbon emissions a year and averted the need to import 15 million litres of diesel a year.

Operating across four of Cape Verde’s islands (Boa Vista, Sao Vincente, Sal and Santiago) and consisting of over 30 wind turbines, it has a total installed capacity of 25,5 megawatts, equivalent to around 20 percent of Cape Verde’s energy needs.

To date, Cabeólica has generated over 300,000 MWh of clean wind power.

The project has transformed Cape Verde’s access to electricity.

Prior to becoming operational, the islands suffered from chronic power shortages and were heavily dependent on imported oil, with only 2 percent of the country’s energy needs being sourced from wind power. Today, Cape Verde benefits from a reliable and extended electricity grid.

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Posted by on Feb 19 2016. Filed under Africa & World, Energy, Featured, Finance, Finance & Banking, National, News, Regional, Solar & wind. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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