São Tomé and Príncipe is poised to embrace a new era of sustainable energy with the launch of a cutting-edge photovoltaic plant set to produce 10 megawatts of energy.
The project, unveiled last week, boasts a total investment of 60.7 million euros and enjoys co-financing from prominent entities including the World Bank, the African Development Bank, and the Bank of Japan.
The Clean and Sustainable Energy Access Project, as announced by the director of the Project Administration Fiduciary Agency (AFAP), heralds a significant milestone in the nation’s energy landscape.
With financing totaling 60.7 million dollars, the initiative secures 47.7 million dollars from the World Bank, supplemented by an additional 2.8 million dollars sourced from Japan through crowdfunding, and 13 million dollars from the African Development Bank.
“This project holds pivotal importance, not only due to its focus on the energy sector but also because it forms the cornerstone of our economy,” emphasized Hélio Almeida during a session convened by AFAP to present and deliberate on the project with key stakeholders from both public and private sectors, as well as civil society representatives.
Almeida underscored the project’s significance in signaling São Tomé and Príncipe’s commitment to energy sustainability, predominantly through renewable sources.
By curbing the reliance on imported fuels, the initiative aims to alleviate the considerable financial strain associated with annual fuel imports, estimated at approximately 30 million dollars.
“Our current dependence on foreign exchange reserves for fuel imports is unsustainable within our economic and macroeconomic realities,” remarked the director of AFAP, expressing the urgent need for change.
Almeida asserted that the project will instigate a transformative shift in the energy sector, promising to drive down electricity costs and foster an environment conducive to attracting foreign direct investment.
Scheduled for a five-year implementation period commencing in March, the project will see the establishment of the photovoltaic plant in São Tomé, occupying approximately 20 hectares of land in the Água Casada area.
