EIB Global and EU, under the Global Gateway Initiative, support wind farm expansion in Cabo Verde

• €39 million EIB loan under the Global Gateway Initiative for the expansion of a landmark renewable energy project
• The new wind turbines and battery system inaugurated today are part of the wind farm expansion, which is expected to generate 30% of the country’s electricity
• The investment will reduce the country’s dependence on imported fossil fuels and strengthen energy security

Today, new wind turbines and a battery system were inaugurated in Cabo Verde, thanks to additional financing of more than €39 million from the European Investment Bank (EIB), through its development arm EIB Global, and backed by EU guarantees. The African Development Bank has co-financed the expansion.

This new financing expands Cabeólica’s wind initiative, which was originally financed by the EIB in 2010 with a €28 million loan. Cabeólica is a public-private partnership supported by Team Europe, the Government of Cabo Verde, and the local private sector. The project marked a turning point in the country’s energy policy. Comprising four wind farms on different islands, the project currently generates approximately 20% of the country’s electricity. With the expansion, this share is expected to increase to 30%.

“The Cabeólica wind project has already been a game changer for Cabo Verde’s progress toward its renewable energy goals. It is a model for small island states to harness wind power potential for clean energy production,” said EIB Vice-President Ambroise Fayolle, who oversees the Bank’s operations in the country. “Our financing demonstrates the EIB’s commitment to supporting sustainable energy solutions that drive climate action and economic resilience.”

Aligned with the EU’s Global Gateway initiative and the second phase of the EIB Climate Bank Roadmap, this investment will help Cabo Verde reduce its dependence on imported fossil fuels and strengthen energy security.

To date, the EU Global Gateway Initiative has mobilised investments of around €380 million in Cabo Verde. In the energy sector, these funds are helping to optimise management and expand the use of renewables, paving the way for a cleaner, smarter, and more secure energy system. They are also creating opportunities for greater private sector participation in an area that requires significant investment.

“The project adds 13.5 MW of new wind power on Santiago and 26 MWh of battery storage across four islands, making electricity more reliable for families, schools and small businesses. With Vestas’ turbines and WinPower’s experience in installing battery systems, it shows how European expertise is helping Cabo Verde secure cleaner, more affordable energy for everyone,” said Sylvie Millot, the EU Ambassador to Cabo Verde.

Ayotunde Anjorin, Chairman of Cabeólica said: “As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores the Cabeólica’s deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.”

Wale Shonibare, African Development Bank Director for Energy Financial Solutions, Policy and Regulation said: “The Cabeólica Phase II expansion is a landmark in Cabo Verde’s clean energy transition. By combining additional wind generation with battery storage, this project will deliver reliable, low-cost renewable power and help integrate variable renewables into the national grid. The African Development Bank is proud to co-finance this initiative alongside EIB, as it exemplifies our commitment to accelerating green growth and supporting innovative solutions that enhance resilience and sustainability across Africa.”

Background information

About EIB Global

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. It aims to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world.

Photos of EIB headquarters for media use are available here.

About the Global Gateway

Global Gateway is the European initiativeto boost smart, clean and secure links in digital, energy and transport sectors and to strengthen health, education and research systems across the world. Global Gateway aims to mobilise up to €300 billion in investments through a Team Europe approach, bringing together the EU, its Member States and their financial and development institutions. It seeks a transformational impact in the digital, climate and energy, transport, health, and education and research sectors.