The Government of Cape Verde launched in the person of Deputy Prime Minister, Minister of Finance and Business Development, Dr. Olavo Correia, the Renewable Energy Project and Improvement of Energy Efficiency in Public Services, co-financed by the World Bank and the Cape Verdean Executive.
The launching ceremony that counted with the interventions of the Minister of Industry, Commerce and Energy, the Executive Director and the Director of the Mundail Bank as well as the participation of several individualities, members of the Government, and interventions from the World Bank, took place this Monday, March 28th, in Praia.
The presentation of the referred project was in charge of the Coordinator of the Special Projects Management Unit, Eng. Nuno Gomes, who will, through the Project Execution Cell, created as a working team within the Special Project Management Unit (UGPE) under the Ministry of Finance and Business Development (MFFE), in close collaboration with the project beneficiaries (MICE – Ministry of Industry, Commerce and Energy; ARME – Multisectoral Economic Regulation Agency; CERMI – Cape Verde Renewable Energy Center; Public Services, etc.) ensure its execution.
This is a project that aims to increase the production of renewable energy and improve the performance of the electricity sector in Cape Verde, leveraging private financing and is structured in the following components: Renewable and Efficient Electricity Service consisting of the following subcomponents: a) support for the integration of small-scale variable renewable energy; b) provision of resilient and efficient electricity service to public facilities Consulting Services for the Restructuring and Privatization of the Electricity Sector; Project Implementation Support and Technical assistance.
In this way, it will contribute to achieving the Renewable Energy penetration targets set in the Energy Sector Master Plan 2018-2040 approved by the Government, of 30% by 2025 and more than 50% by 2030.
Funded by the World Bank, for a total amount of US$16.5 million, the Renewable Energy and Energy Efficiency Improvement in Public Utilities Project will focus on strengthening the environment for a more diversified economy by enhancing fiscal and macroeconomic resilience and improving the basis for private sector growth.
In addition, the project will increase renewable energy capacity from 18% in 2019 to 25% in 2023 and will contribute to creating the context for improved services, private sector growth, and is aligned with Cape Verde’s climate change commitments under its Nationally Determined Contributions (NDC), thereby supporting the overall effort to mitigate climate change and improve the resilience of Cape Verde – which is particularly vulnerable as a Small Island Developing State, as well as the objectives of the World Bank’s recently released Africa Climate Business Plan related to energy access, renewable energy and resilience.