AFC bags award for sustainable investment in Africa

AFRICA Finance Corporation (AFC) has been awarded the prestigious 'Leadership in Sustainable Investment in Africa' for the Cabeolica wind farm project, at the Investment and Business Leader awards, held during the IMF and World Bank yearly meetings in Washington DC, USA.The Cape Verde-based Cabeolica wind farm project is the first commercial scale public private partnership wind farm in sub-Saharan Africa.AFC is an African-led international multilateral financial institution, established in 2007 whose mission is to improve African economies by proactively developing, structuring and financing infrastructure, industrial and financial assets.The financial institution is an investor, developer and financier of various infrastructure projects and is gaining recognition as the benchmark institution for financing the development of private sector led power projects in Africa.It was the lead investor in Cabeolica SA, which was established to develop, build, own and operate the $90 million, 26MW landmark renewable energy wind power project in Cape Verde.The PPP with the government of Cape Verde and the national power utility, Electra, entails the construction of 30 wind turbines on four of the seven inhabited islands of the mid-Atlantic archipelago.Construction, installation and commissioning of the turbines will be completed in 2011.
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