Cape Verde has secured renewable energy production contracts that, by the end of this year, will bring the archipelago within reach of its goal to generate half of its electricity from non-fossil fuel sources by 2030, the Prime Minister announced yesterday.
“The total contracted production capacity for 2024 and 2025 is 53.3 megawatts, which will allow the country to reach 35% renewable penetration by 2026, surpassing our original target,” said Ulisses Correia e Silva during the opening of the country’s fourth investment forum, held on Sal Island.
These figures, he added, are in line with the goal of reaching 50% — or more — by 2030.
The energy transition will help reduce electricity costs and lessen dependence on fuel imports.
The energy sector is one of the key opportunities being highlighted at the forum, alongside the blue economy and the digital sector, as part of an effort to attract investment.
Despite the “challenging geopolitical context,” the Prime Minister stated that there is “no visible reason” to revise Cape Verde’s economic growth forecasts downward.
“The economy will continue to grow in a context of macroeconomic stability,” he added, noting the latest World Bank forecast, released last week, which projects economic growth of 5.9% in 2025 (following 7.3% in 2024).
The plenary sessions that began today are primarily aimed at facilitating dialogue and collaboration between entrepreneurs, local authorities, and European development finance institutions, among other key partners.
The forum’s third day, Friday, will be entirely dedicated to promoting investments under the European Union’s Global Gateway strategy, which foresees up to €300 million in investments in Cape Verde over the coming years.
Source: Lusa
