In the years 2010 and 2011, the Cape Verde Ministry of Tourism, Industry and Energy conducted a study that included an assessment of the renewable energy potentials existing on the different islands. The results of that study were compiled in the publication Cape Verde 50% Renewable: A Roadmap to 2020, listing a number of potentials for a wide range of renewable energies and other issues related to sustainable energy supply, including wind and solar energy, energy efficiency and wastewater to name a few.
The energy needs of Cape Verde are currently covered to 25% by renewable energies, with peaks of 35%. Current studies show that if the needs were covered to 50%, the upward trend in oil prices would still result in a fuel oil bill of 13,800 billion over 20 years. The same studies show that investments between 1,000 and 1,800 million in renewable energy power production capacity could provide a 100% renewable energy system (covering the total electricity demand) associated with no further fuel costs. The economic difference is supposed to be invested in further renewable energy generation in order to produce desalinated water, creating new industrial symbioses cycles with dispatchable consumers and an extension of the energy transmition grid as well as energy storage options. Hence, the renewable energy investments are investments in new business sectors and positive future developments.
A final study is underway to detail the final implementation plan and evaluate investment costs to realize this goal. The implementation of the renewable energy strategy will be realized through Luxembourg development cooperation and the technical support of the German Institute for applied Material Flow Management in charge to develop business plans, identify suitable technologies and technology providers in order to enable Cape Verde to take the next steps towards the implementation of already identified project potentials.
The final goal is to create jointly with the Capverdean government a public private partnership to encourage foreign direct investments to meet the stated goal of 100% renewable by the year 2020 together with local investors and those from the Diaspora.