• Africa
Geographic location where the impacts of the investment may be experienced.
  • Cape Verde
Geographic location where the impacts of the investment may be experienced.
Specific Location
Santiago, Sal Island
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
A.P. Moller Capital P/S, Africa Finance Corporation
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 28.92 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 27
Converted using 2023-11-08 exchange rate.
Loan Amount (USD)
$ 28.92 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 27 million
Converted using 2023-11-08 exchange rate.
Project Cost (USD)
$ 42.85 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 40 million
Converted using 2023-11-08 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Nov 25, 2023

Disclosed by Bank Nov 8, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EIB, this operation, which follows-up the EIB financed project CAPE VERDE WIND POWER PPP (2008-0226), concerns the expansion (13.5 MW) of the promoter's existing wind farm in Santiago. It also includes the installation of at least two Battery Energy Storage Systems (BESS) in Cape Verde, of which approximately 10 MW at the Santiago wind farm and approximately 5MW in the Sal Island.

The construction of 2.6km of transmission line and other grid devices dedicated to the project are associated facilities and will be included in the review. The project is expected to contribute to climate action and environmental sustainability objectives, in particular to climate change mitigation.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg:
- A.P. Moeller Capital P/S operates as a fund management company. The Company manages funds focusing on infrastructure project in growth markets. A.P. Moeller Capital serves clients worldwide;
- Africa Finance Corporation (AFC) provides banking solutions. The Company offers project development, technical advisory, principal investing, corporate finance, and financial advisory services. AFC serves power, infrastructure, oil and gas, telecommunications, chemical, manufacturing, cement, agro-processing, maritime, and logistics sectors in Africa;
- Infraco Ltd operates as a venture capital firm. The Company focuses on the infrastructure projects. Infraco serves clients worldwide.

As stated on the companies' websites:
- Cabeólica is a Public Private Partnership established in 2008 between Infraco Limited, a privately managed infrastructure development company financed by funds from some European Union countries (which acted as the project's main developer), the Government of Cape Verde, through the Ministry of Tourism, Industry and Energy, and Electra, SARL, a local concessionaire.;
- eleQtra is a leading player in the development, investment, management and operation of private infrastructure in emerging economies.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
EleQtra Parent Company Energy owns Cabeolica SA Client Energy
Infraco Africa Ltd Parent Company Infrastructure owns Cabeolica SA Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Cabeolica SA:

Address: Edifício BAI Center, Avenida Cidade de Lisboa, 2º Andar esq., C.P. 101/A Praia, Santiago
Phone: +2382602260

Parent Companies -


Addresses -
USA: Floor 18, 112 W. 34th Street, New York, NY 10120
Ghana: F28/8B 5th Circular Road Extension, Labone, PO Box CT 6449 Cantonments, Accra, Ghana

InfraCo Africa Limited:

Address: 6 Bevis Marks, Bury Court, London, EC3A 7BA
Phone: +44 (0) 203 597 5400

Financial Intermediaries -

A.P. Moller Capital P/S:

Melanie Beck
Phone: +971 55 588 6592
Address: Lyngby Hovedgade 85, Kongens Lyngby, Denmark, DK-2800

Africa Finance Corporation:

Address: 3a Osborne Road, Ikoyi Lagos State, Nigeria
Phone: +234 1279 9600


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