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Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature.
Project Name Cape Verde Wind Project
Guarantee Holder InfraCo Ltd.
Investor Country United Kingdom
Host Country Cape Verde
Sector Power
Gross Exposure ($million) 127.9
Fiscal Year 2010
Status Proposed
Project Number 8092
Environmental Category A
Date SPG Disclosed December 23, 2009
Project Board Date March 2, 2010
ESRS Cape_Verde_ESRS.pdf
EIA RNT_Santiago.pdf

Project Description

This summary covers investments by MIGA eligible lenders and equity investors to be identified, and currently represented by InfraCo Ltd. (InfraCo) of the United Kingdom in the Cape Verde Wind Farm Project (CPWFP). InfraCo has applied for MIGA guarantees of an aggregate amount of up to $127.9 million, for a period of up to 20 years, against the risk of breach of contract.

The Cape Verde Wind Farm Project comprises the development, construction, ownership, and operation of a wind farm in Cape Verde with approximately 28 MW installed capacity. The project will be one of the largest wind farms to be developed in Africa and a high-profile entry to the African renewable energy sector for potential investors. MIGA’s guarantee is being requested for €35 million of non-shareholder loans plus €17 million of interest and €23 million of shareholder loans (or equity) plus €22 million of interests (or earnings, in case that equity were to be guaranteed)

Environmental Categorization

The project is a Category A under MIGA’s environmental review procedures. Click here to view the Environmental and Social Review Summary.

Development Impact

This project is aligned with MIGA's efforts to reduce the adverse impact of climate change through supporting green infrastructure investments that build renewable energy capacity, encourage resource conservation and distribution efficiency, improve sanitation, and off-set greenhouse gas emissions. The project also supports MIGA’s strategy of promoting investment in infrastructure projects and in countries eligible for assistance from the International Development Association.

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