The African Development Bank (AfDB) has approved €19.6 million in funding to support Phase II of the Cabeolica expansion project in Cape Verde, the Bank announced on Monday.
Touted as the nation’s first renewable energy initiative to integrate large-scale wind power with battery energy storage, the project aims to enhance Cape Verde’s clean energy generation capacity.
The financing package comprises a €12.6 million loan from the AfDB and €7 million in concessional funding from the Sustainable Energy Fund for Africa.
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Building on the original Cabeolica project launched in 2012, Phase II will add 13.5 megawatts of wind power and 26 megawatt-hours of grid-connected battery storage. It is projected to generate over 60 gigawatt-hours of clean electricity annually, reduce dependence on expensive thermal generation, and lower carbon emissions by an estimated 50,000 tonnes each year.
The project aligns with Cape Verde’s national objective of sourcing 50% of its electricity from renewable energy by 2030.
