AFC purchases stake in Cabeólica Wind Farm
AFC purchased the shares from InfraCo Africa.
"We are very excited to take a larger part in this ground-breaking project," Andrew Alli, president and CEO of AFC, said.
Cabeólica Wind Farm has more than 30 wind turbines operating across four islands of Cape Verde: Boa Vista, Sao Vincente, Sal and Santiago.
The farm has the capacity to produce 20 percent of the energy to keep Cape Verde up and running and provides electricity for 360,000 households, proving to be a clean, efficient solution to Cape Verde's power shortages. A study showed last year the farm was able to decrease carbon emissions in the region by 55,000 tons.
"The additional share purchase will allow further expansion and other uses of wind energy in Cape Verde," Alli said. "We are very proud of our growing work in addressing Cape Verde's energy needs though sustainable measures, all the while seeking a competitive return on investment for our shareholders."
The farm's staff is made up of well-trained residents of Cape Verde.