| Project Detail |
The project consists in the design and construction of a set of inter-related electricity generation, network and storage components during the 2023-2029 period under Cape Verdes National Electricity Masterplan (2018-2040). Objectives As part of the EUs Global Gateway strategy, EIB Global is supporting this project, which is expected to contribute to the complete phasing out of Cape Verdes reliance on expensive and polluting fossil fuels as its primary source of energy by 2040 at the latest. The project will also ensure that the new storage capacity made available, including via a pumped storage facility, will be dedicated to electricity generated from renewable energy sources. Furthermore, the Project is expected to have a critical indirect effect on the water sector in Cape Verde as most of the countrys water supply comes from water desalination, which requires significant energy resources. As a pilot to be potentially replicated in other countries in the West Africa region facing similar fragmented markets challenges, the Project is expected to have important regional benefits. In this context, the project is aligned with the EUs regional Multi-Annual Indicative Programme for Sub-Saharan Africa (RIP - 2021-2027) and its Global Gateway initiative to boost sustainable links, including energy links, around the world. Comments N/A Sector(s) Energy - Electricity, gas, steam and air conditioning supply Under Global Europe NDICI guarantee Under EFSD+ Guarantee Proposed EIB finance (Approximate amount) EUR 120 million Total cost (Approximate amount) EUR 160 million |
