Since 2010, AFC has been a majority investor in Cabeolica S.A, supporting its evolution into one of Cabo Verde’s strongest corporate institutions and the first commercial-scale renewable PPP in sub-Saharan Africa. Over the past decade, the company’s 25.5MW wind farms across four islands have generated more than 800,000 MWh of affordable electricity, contributing approximately 25% of the country’s total power generation while offsetting over 560,000 tonnes of CO₂ emissions. With this new phase, Cabeolica further consolidates its role as a cornerstone of the country’s clean-energy system.
The newly inaugurated BESS, expected to reach nearly 30 MW of storage capacity upon final completion in January 2026, marks a significant advancement in stabilising Cabo Verde’s grid, allowing greater integration of intermittent renewables and reducing dependency on imported fossil fuels. AFC’s bridge financing was pivotal in fast-tracking construction activities and ensuring alignment with the Government’s clean-energy delivery timelines, while long-term financing from senior lenders, including the African Development Bank and the European Investment Bank, is being finalised.“From the early days of the Cabeolica project to this milestone inauguration, AFC’s mission has remained unwavering: to catalyse renewable energy solutions that enhance the reliability and resilience of power systems across Africa,” said Samaila Zubairu, President & CEO of Africa Finance Corporation. “Our innovative financing accelerated this expansion, and the successful integration of new wind capacity with one of the continent’s most advanced grid-stabilising battery storage systems stands as a clear testament to AFC’s position as Africa’s leading infrastructure solutions provider,” he added.
Ayotunde Anjorin, Chairman of Cabeólica and Chief Financial Officer of AFC said: “As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to partner with AFC to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores the Cabeólica’s deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.”
AFC is committed to accelerating Africa’s energy transition, by deploying capital, expertise, and innovative solutions that strengthen grids, enhance energy security, and drive climate-resilient growth across the continent. Most recently, the Corporation’s portfolio company, Infinity Power, Africa’s largest independent renewable energy provider, reached financial close on the 200MW Ras Ghareb Wind Farm in Egypt, which will power over 300,000 homes.
