AfDB Approves €19.6M for Cabo Verde Wind and Battery Project

Pan-African financial institution the African Development Bank (AfDB) has approved €19.6 million in financing to support Phase II of the Cabeolica wind power expansion project in Cabo Verde.

The funding includes a €12.6 million loan from the AfDB and €7 million in concessional financing from the institution’s multi-donor trust fund the Sustainable Energy Fund for Africa.

“This project is a testament to Cabo Verde’s long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,” stated Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations, AfDB.

Marking the country’s first renewable energy initiative to combine large-scale wind generation with battery energy storage, the expansion is set to generate over 60 GWh of clean energy per year. Phase II of the project will add 13.5 MW of wind capacity and 26 MWh of grid-connected battery storage.