AFC buys InfraCo’s wind farm stake

The Lagos-based Africa Finance Corporation (AFC) has completed the purchase of InfraCo Africa’s stake in the Cabeólica wind farm. The two sides signed a share purchase agreement on 6 May 2015 for AFC to purchase InfraCo Africa’s remaining stake in the project. Cabeólica has more than 30 wind turbines on Boa Vista, São Vicente, Sal and Santiago islands, with a total installed capacity of 25.5MW, equivalent to around 20% of Cape Verde’s energy needs. Cabeólica was established in 2008 as a public-private partnership between InfraCo, the government of Cape Verde, through the Ministry of Tourism, Industry and Energy, and the Electra utility. Power production started in 2011.