Praia, June 16, 2025 – Cabeolica welcomes the approval by the African Development Bank (AfDB) of a €19.6 million financing package to support Phase II of its wind energy expansion project, aimed at strengthening renewable energy capacity across Cabo Verde.

The financing includes a €12.6 million loan from the AfDB and an additional €7 million grant from the Sustainable Energy Fund for Africa (SEFA). This support will allow Cabeolica to install 13.5 MW of new wind capacity and integrate 26 MWh of battery energy storage (BESS).

The expansion is expected to generate over 60 GWh of clean energy annually, significantly reducing dependence on thermal generation and avoiding approximately 50,000 tons of CO₂ emissions each year.

This investment marks a crucial step toward Cabo Verde’s target of achieving 50% renewable electricity by 2030, aligned with the goals of the Paris Agreement.

“This approval is international recognition of Cabeolica’s ongoing efforts and the country’s commitment to the energy transition. We remain focused on advancing sustainable solutions that benefit the economy, the environment, and communities across Cabo Verde,” — stated Cabeolica’s CEO.