- The World Bank approves funding for renewable energy development in Cape Verde.
The World Bank Group has allocated $3.5 million for the Renewable Energy and Utility Performance Improvement Project (REIUP) in Cape Verde. Half of the funds will be provided by the International Development Association (IDA) and the other half by the International Bank for Reconstruction and Development (BIRD).
REIUP is co-financed by the Canadian Clean Energy and Forest Climate Facility (CCFF) with $7.5 million in loans and a $0.5 million grant. The government of Cape Verde is also benefiting from a $2 million grant from the Global Infrastructure Facility (GIF), a financing mechanism funded by Australia, Canada, China, Denmark, Germany, Japan, Singapore, and the World Bank.
The Cape Verdean government, through REIUP, aims to increase the country’s installed renewable energy capacity by 3.9MW. Praia plans to obtain this power from small solar photovoltaic plants, as well as from mini-grids. These installations will increase the installed capacity of this West African country.