AFC completes stake buy in 25.5-MW wind farm in Cape Verde

The Africa Finance Corporation (AFC) announced on Friday its has completed the purchase of project developer InfraCo Africa’s stake in the 25.5-MW Cabeolica wind farm in Cape Verde.

The price of the deal was not disclosed. AFC agreed to buy InfraCo Africa’s remaining stake in the plant in May 2015.

Cabeolica, the first commercial scale privately-financed wind farm in sub-Saharan Africa, operates across four of Cape Verde’s islands and generates enough power for 360,000 people, which is about 72% of the Cape Verde population, said AFC's president and CEO, Andrew Alli. To date, the plant has produced over 300,000 MWh.

The wind power plant proved extremely beneficial for Cape Verde since prior to its commercial operational, the country suffered from chronic power shortages and were heavily dependent on imported diesel, about 15 million litres a year, noted the AFC.

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