€19.6 Million for Clean Energy Boost in Cabo Verde
Wind and Battery Energy Storage System (BESS) Extension Project in Cabo Verde, First of Its Kind, Secures Funding from African Development Bank
The African Development Bank Group has showered the Cabeólica Phase II Expansion Project in Cabo Verde with a hefty €19.6 million, driving the nation's game-changing plan to merge wind energy and battery storage on a massive scale.
Funding Breakdown
The financing bundle comprises a whopping €12.6 million loan from the African Development Bank (AfDB) and a generous €7 million in concessional funding from the AfDB-managed Sustainable Energy Fund for Africa (SEFA). This financial backing will pave the way for installing 13.5 megawatts of additional wind turbines and 26 megawatt-hours of grid-connected battery storage.
Yearly Energy Production
With an anticipated yearly output of over 60 gigawatt-hours, the Cabeólica Phase II Expansion Project is poised to slash reliance on diesel generation and dump around 50,000 tonnes of carbon emissions into the atmosphere each year.
Enhancing Cabo Verde's Energy Security
Wale Shonibare, AfDB's Director for Energy Financial Solutions, hailed the project: "Cabeólica Phase II mirrors Cabo Verde's ambitious plans to scrub its energy sector of carbon emissions." He further declared: "With concessional finance luring private investments, we're constructing resilient, budget-friendly power systems."
Daniel Schroth, another AfDB lad, Director for Renewable Energy, chipped in: "SEFA's support fortifies grid dependability and shaves power gen costs. This demonstrates how exceptional financing and technology integration can catapult sustainable transformation."
AMEA Power's Egypt Victory
On a different windy note, AMEA Power recently kickstarted Egypt's largest wind power plant project, dubbed Amunet. Watch this space!
Cabeólica Never Stops Innovating
Ayotunde Anjorin, Cabeólica's boss and Africa Finance Corporation's CFO, proudly stated: "As Africa's frontrunner for renewable PPPs, we're making history once more with this groundbreaking expansion, melding clean energy infrastructure with national agenda goals."
The expansion covers five sites across four isles: wind expansion on Santiago and battery system deployments on Santiago, Sal, Boa Vista, and São Vicente. The battery setups will offer grid services such as voltage control and frequency response, reducing wind power squandering and yielding increased efficiency.
So, there you have it! Another exciting leap forward in Africa's renewable energy race. Keep your eyes peeled for more innovation from Cabeólica in the future!
Sustainable Goals in Motion
Backed by a 20-year power and storage agreement with Electra S.A., the Cabeólica Phase II Expansion Project helps bring Cabo Verde closer to its goal of churning out 50% of its electricity from renewables by 2030. It also meshes with AfDB's "Light Up and Power Africa" initiative and SEFA's Green Baseload pillar.
[1] RCMA Platform - Cabeólica Power S.A.E.: Energy Transition Outlook for Cape Verde
[2] African Development Bank Group
[3] Sustainable Energy Fund for Africa (SEFA) - Project Factsheet: Cabeólica Phase II Expansion Project in Cabo Verde
- The funding for the Cabeolica Phase II Expansion Project in Cabo Verde, a project focused on merging wind energy and battery storage, comes from a €12.6 million loan from the African Development Bank (AfDB) and a €7 million concessional funding from the AfDB-managed Sustainable Energy Fund for Africa (SEFA).
- The project, which involves installing additional wind turbines and grid-connected battery storage, aims to produce over 60 gigawatt-hours of energy annually, reducing reliance on diesel generation and lowering carbon emissions by approximately 50,000 tonnes.
- Wale Shonibare, AfDB's Director for Energy Financial Solutions, commended the project, stating that it aligns with Cabo Verde's plans to decarbonize its energy sector and creates resilient, cost-effective power systems that attract private investments.
- Daniel Schroth, another AfDB director, emphasized that SEFA's support enhances grid reliability, reduces power generation costs, and showcases how innovative financing and technology integration can facilitate sustainable transformation in the industry.
- Meanwhile, AMEA Power has initiated Egypt's largest wind power plant project, Amunet, signifying continued advancements in Africa's renewable energy sector. Cabeolica, Africa's leader in renewable Public-Private Partnerships (PPPs), is also innovating with its groundbreaking expansion project, which integrates clean energy infrastructure with national objectives.
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