EIB Global and EU support wind farm expansion in Cabo Verde

This new financing expands Cabeólica’s wind initiative, which was originally financed by the EIB in 2010 with a €28 million loan. Cabeólica is a public-private partnership supported by Team Europe, the Government of Cabo Verde, and the local private sector. The project marked a turning point in the country’s energy policy. Comprising four wind farms on different islands, the project currently generates approximately 20% of the country’s electricity. With the expansion, this share is expected to increase to 30%.

“The Cabeólica wind project has already been a game changer for Cabo Verde’s progress toward its renewable energy goals. It is a model for small island states to harness wind power potential for clean energy production,” said EIB Vice-President, Ambroise Fayolle, who oversees the Bank’s operations in the country. “Our financing demonstrates the EIB’s commitment to supporting sustainable energy solutions that drive climate action and economic resilience.”

Aligned with the EU’s Global Gateway initiative and the second phase of the EIB Climate Bank Roadmap, this investment will help Cabo Verde reduce its dependence on imported fossil fuels and strengthen energy security.

To date, the EU Global Gateway Initiative has mobilised investments of around €380 million in Cabo Verde. In the energy sector, these funds are helping to optimise management and expand the use of renewables, paving the way for a cleaner, smarter, and more secure energy system. They are also creating opportunities for greater private sector participation in an area that requires significant investment.

“The project adds 13.5 MW of new wind power on Santiago and 26 MWh of battery storage across four islands, making electricity more reliable for families, schools, and small businesses. With Vestas’ turbines and WinPower’s experience in installing battery systems, it shows how European expertise is helping Cabo Verde secure cleaner, more affordable energy for everyone,” added Sylvie Millot, the EU Ambassador to Cabo Verde.

Ayotunde Anjorin, Chairman of Cabeólica, commented: “As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud 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.”

Wale Shonibare, African Development Bank Director for Energy Financial Solutions, Policy and Regulation, concluded: “The Cabeólica Phase II expansion is a landmark in Cabo Verde’s clean energy transition. By combining additional wind generation with battery storage, this project will deliver reliable, low-cost renewable power and help integrate variable renewables into the national grid. The African Development Bank is proud to co-finance this initiative alongside EIB, as it exemplifies our commitment to accelerating green growth and supporting innovative solutions that enhance resilience and sustainability across Africa.”

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