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ECOWAS Status Report

| 68 FIGURE 19 | Renewable Energy Investment in Select ECOWAS Countries (million USD) Note: “0” indicates no investment made for that year. Source: see endnote 10 for this section. Sidebar 4. Cabeolica Wind Farm Financing Established in 2009, Cabo Verde’s Cabeolica wind farm is a leading example of successful renewable energy project financing in ECOWAS. Cabeolica is the first commercial-scale privately financed, public-private partnership (PPP) wind farm to be developed in sub-Saharan Africa, serving as a model for future private engagement in the region. The 25.5 MW wind farm is constructed on four islands in Cabo Verde and is the predominant contributor to the island nation’s 26 MW of installed wind capacity. It has had a significant impact on the region, establishing a benchmark for public-private development of wind energy.11 Cabeolica was not Cabo Verde’s first attempt at utility-scale wind development. Two previous tenders for wind projects failed to lead to the desired project development. Cabeolica, by contrast, was made possible due to a larger project size and the participation of new players in the financing process.The wind farm’s development was based on a PPP between three parties: the Government of Cabo Verde; Electra, Cabo Verde’s government owned national utility; and InfraCo, a private company backed by European Governments and the World Bank, who served as the project’s lead developer.The USD 78 million project was financed through debt and equity financing provided by a number of public and private entities. At approximately USD 60 million, debt financing provided by the European Investment Bank and the African Development Bank accounted for roughly three-fourths of the financing requirements, with equity financing coming from the African Finance Cooperation, Finnfund, and InfraCo to cover the remaining portion of projects capital costs.12 Additionally, the project benefits from its participation in the Clean Development Mechanism (CDM), providing an additional stream of financial support through the allocation of over 70,000 Certified Emission Reduction (CER) credits. Cabeolica’s success highlights the multitude of financing options that can be applied within ECOWAS to promote the development and deployment of renewable energy technologies. 2008 2009 2010 2011 2012 2013 Côte d’Ivoire 0 11.2 0 0 0 0 Ghana 0 0 0 0 0 29.7 Liberia 112 0 0 0 5.8 0 Nigeria 0 0 23.3 12.6 101.3 0 Senegal 0 69.8 0 0 0 0 Sierra Leone 0 0 0 357.5 6.3 0 Total 112 81 23.3 370.1 113.4 29.7 200820092010201120122013 Côte d’Ivoire 011.20000 Ghana 0000029.7 Liberia 1120005.80 Nigeria 0023.312.6101.30 Senegal 069.80000 Sierra Leone 000357.56.30 Total 1128123.3370.1113.429.7

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