(Ecofin Agency) - Cape Verde’s government plans to privatize the national power and water company Electra by 2020. This was announced last May 2 by Olavo Correia (photo), deputy Prime Minister and Finance Minister.

“The process of privatizing Electra will be studied, decided and implemented by 2020,” he said after a visit to Electra's premises in Gambôa and Palmarejo, on Santiago Island, the country’s largest island.

In an information relayed by Inforpres, Mr. Correia also indicated many options are available and the issue now is to choose the suitable form of privatization. “We  got several models which are currently being studied. We will choose the one that will best enable us to reduce our dependence on fossil fuels, further use renewable energy, reduce energy costs, cut technical losses and cover all the islands of Cape Verde,” he added.

Furthermore, the official indicated that 20% of the country’s power production is generated through renewable sources. He added that this share could increase as the country will set a regulatory framework allowing private operators to invest in the sector.