- AFC has sold a 40 per cent stake in Cabeolica to A.P. Moller.
- AFC remains the majority shareholder in the company.
- Cabeolica has installed a cumulative 25.5MW of wind capacity in the West African nation.
Investment fund manager A.P. Moller Capital has acquired a 40 per cent stake in Cape Verde’s largest renewable energy producer, Cabeolica. A.P. Moller will acquire the shares from Africa Finance Corporation (AFC) through its Africa Infrastructure Fund, dedicated to developing sustainable infrastructure in Africa. However, the Lagos-based AFC remains the majority shareholder in Cabeolica, with a 50 per cent stake. The Cape Verdean government and state-owned electricity company Electra also own 6 per cent of the company.
Lars Reno Jakobsen, the senior partner at A.P. Moller Capital, notes that the company is pleased to partner with AFC, Electra and the government of Cape Verde in Cabeolica to ensure the continued supply of reliable and cost-effective renewable energy in Cape Verde.
Cabeolica is a special purpose company established under a public-private partnership (PPP) between the Cape Verdean government and AFC. The company has installed 30 wind turbines with a cumulative capacity of 25.5MW on four of Cape Verde’s nine islands. The turbines currently supply 25 per cent of the archipelago’s electricity. Wind currently account for only 16 per cent of Cape Verde’s total installed capacity, while thermal power plants make up about 77 per cent and solar just 7 per cent.