Africa-Press – Cape verde. The African Development Bank announced today in a statement that it has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project.
“The project is the country’s first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) on a large scale,” it announced.
The financing includes “a loan of approximately €12.6 million from the African Development Bank and €7 million in concessional financing from the Sustainable Energy Facility for Africa (SEFA).”
The original Cabeólica project was inaugurated in 2012 and Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt hours of grid-connected battery energy storage. The expansion is expected to generate more than 60 gigawatt-hours of clean energy per year, eliminating costly thermal generation and reducing carbon dioxide emissions by around 50,000 tonnes per year,” he said. Owned by the African Finance Corporation, A.P. Moller Capital and Cape Verdean public entities, Cabeólica S.A. is the country’s first independent power producer (IPP). Phase II of the project will be supported by a 20-year power purchase and storage services agreement with national utility Electra. The project advances Cape Verde’s goal of generating 50% of its electricity from renewable sources by 2030, as well as its Nationally Determined Contribution under the Paris Agreement.
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