Electra Cabeolica Wind Project

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Cabeolica SA was created to build, own and operate a 28 ME wind farm to be located in various locations on the islands of Cape Verde. The project company was a public private partnership owned by the Government of Cape Verde, the government-owned utility Electra, infrastructure development company InfraCo, Africa Finance Corp, and Finish finance company Finnfund. Vestas had been selected to supply 11 of its turbines to the project, and African donor-funded project developer Infraco was selected to develop the project. The project was contracted to sell power to the national utility Electra under a 20 year PPA. Further details were not released. The project reached financial close in October, 2010. Total project cost was EUR 61 million (USD 80 million), with the European Investment Bank providing EUR 30 million (USD 39 million) in loan financing, and the African Development Bank another EUR 15 million (USD 19 million). The rest, USD 22 million, was to be provided by the equity. The project began operations in late 2011. http://europa.eu/rapid/pressReleasesAction.do?reference=BEI/10/166 http://cabeolica.com/site/index.php?option=com_content&view=article&id=14&Itemid=18&lang=pt