Global law firm Norton Rose Fulbright has advised InfraCo Africa in relation to the completion of the sale of its shareholding in Cabeólica, a Cape Verdean wind Independent Power Producer, to the Africa Finance Corporation.
Working jointly with the Government of Cape Verde and Electra S.A.R.L (the national utility), InfraCo Africa provided the initial funding required for Cabeólica to develop a sustainable, commercially viable 25.5MW wind farm across four of Cape Verde’s islands, Boa Vista, Sao Vincente, Sal and Santiago.
To date, Cabeólica has produced over 300,000 MWh of clean wind power. By supplying 25% of the electricity consumed in Cape Verde, avoiding 55,000 tonnes of carbon emissions a year and removing the need to import roughly 15 million litres of diesel a year, Cabeólica has transformed Cape Verde’s energy mix.
Andrew Hart, partner at Norton Rose Fulbright, comments:
“We were delighted to work with InfraCo Africa on this transaction. InfraCo Africa’s work with Cabeólica has seen challenging projects on the Cape Verdean islands come to fruition. This transaction will enable InfraCo Africa to reinvest proceeds to achieve its goal of developing further infrastructure projects in sub-Saharan Africa, a region where we continue to see increasing investor appetite for onshore wind projects.”
The Norton Rose Fulbright team comprised partner Andrew Hart and associate Christina MacGilp.
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