Inauguration of Expanded Cabeolica Wind Farm in Cabo Verde
Africa Finance Corporation (AFC), known as a premier provider of infrastructure solutions on the continent, has officially inaugurated the enhanced Cabeolica Wind Farm and Battery Energy Storage System (BESS) in Cabo Verde. This significant development was made possible through AFC’s crucial €55 million bridge financing secured in 2024. The ceremony, led by Prime Minister Ulisses Correia e Silva, highlights a pivotal advancement in the nation’s renewable energy initiatives.
A Boost for Renewable Energy in Cabo Verde
The early investment by AFC was instrumental in rapidly bringing the expansion and BESS online, which will help improve grid stability, facilitate the integration of renewable energy sources, and advance Cabo Verde’s goals for reducing emissions and securing its energy future. The expansion introduces an additional 13.5 MW of wind capacity to Santiago, along with 26 MWh of battery storage distributed across four islands. This upgrade is set to significantly enhance the reliability and stability of Cabo Verde’s national grid.
Contributions to Carbon Emission Reduction
Since its inception in 2010, AFC has been a majority investor in Cabeolica S.A., helping it evolve into a leading corporate entity in Cabo Verde and the first commercial-scale renewable public-private partnership (PPP) in sub-Saharan Africa. Over the past decade, Cabeolica’s 25.5 MW wind farms have generated upwards of 800,000 MWh of affordable electricity, providing nearly 25% of the country’s total power generation while also leading to a reduction of more than 560,000 tonnes of CO₂ emissions. The recent developments further solidify Cabeolica’s foundational role in the nation’s clean energy framework.
Significant Advancements in Energy Storage
The newly inaugurated BESS, which is expected to achieve a near-final storage capacity of almost 30 MW by January 2026, represents a major leap forward in stabilizing Cabo Verde’s energy grid. This system allows for a more seamless integration of variable renewable energy sources while decreasing reliance on imported fossil fuels. The bridge financing from AFC was crucial in expediting construction efforts and ensuring that the project aligns with the government’s timeline for clean energy implementation. Long-term financing discussions with senior lenders, including the African Development Bank and the European Investment Bank, are now underway to support ongoing initiatives.
AFC’s Commitment to Renewable Energy Solutions
Samaila Zubairu, President and CEO of AFC, emphasized the organization’s unwavering mission since the inception of the Cabeolica project: to inspire renewable energy solutions that boost both reliability and resilience in power systems across Africa. “Our innovative financing not only accelerated this expansion but also facilitated the successful integration of additional wind capacity with advanced grid-stabilizing battery storage,” Zubairu remarked, reinforcing AFC’s reputation as a leader in infrastructure solutions on the continent.
Setting a Model for Future Projects
Ayotunde Anjorin, Chairman of Cabeolica and Chief Financial Officer of AFC, shared his enthusiasm for the partnership in this groundbreaking expansion, noting that Cabeolica continues to set a benchmark for renewable energy infrastructure. He highlighted the project’s alignment with national priorities and its potential as a replicable model for similar projects throughout the region.
AFC’s Broader Mission in Africa
AFC is dedicated to propelling Africa’s energy transition by leveraging capital, expertise, and innovative strategies that fortify power grids, enhance energy security, and promote climate-resilient growth throughout the continent. Just recently, the corporation’s portfolio company, Infinity Power, secured financial closure on the 200 MW Ras Ghareb Wind Farm in Egypt, which is projected to provide energy for over 300,000 households.
Media Inquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org
About Africa Finance Corporation:
Established in 2007, AFC aims to act as a catalyst for practical infrastructure and industrial investments across Africa. The organization blends industry expertise with a focus on financial and technical advisory, project structuring, development, and risk capital to address the pressing infrastructure needs of the continent and spur sustainable economic growth. Over the years, AFC has established a solid reputation as a preferred partner for delivering vital, high-quality infrastructure assets, investing over $17 billion in 36 African nations since its founding.
For more information, visit www.AfricaFC.org.
