In keeping with a purchase agreement signed on May 6, 2015, Africa Finance Corp. (AFC) now owns a stake in Sub-Saharan Africa's 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.
More Stories
- President Boakai Suspends The Board of Commissioners of the Liberia Telecommunications Authority (LTA)
- African Union and Ecowas Address Terrorism, Coups, and Extremism in Joint Consultation Meeting
- African Development Bank Executive Director and Sudanese Envoy Discuss Crucial Support Amid Ongoing Conflict
- President Barrow Welcomes Diplomats from Around the World
- President Boakai Nominates Additional Officials To Government
- Commonwealth Parliamentary Association St Helena Branch To Host 53rd British Islands And Mediterranean Region Conference
- Nigeria's Economic and Financial Crimes Commission argues against bail for Binance executive
- Facing Peste des Petits Ruminants (PPR) in West Africa Through Vaccination Campaigns
- Advancing Women’s Leadership in Peace and Security: ECOWAS Holds Inaugural Regional Steering Group Meeting
- Regional Capacity Building Workshop for ECOWAS Energy Directors on Green Hydrogen