VINCI Airports finalises financial structuring for Cabo Verde airport concession

Financing arrangements completed for a concession covering seven airports in the archipelago. CREDIT: VINCI AIRPORT

As the conditions precedent in the concession agreement signed in July 2022 with the government of Cabo Verde had been met, VINCI Airports finalised the financial arrangements for the acquisition of seven airports in the country, on 24 July 2023.

VINCI Airports secured €60 million in financing, maturing over 20 years, from three development banks: World Bank-IFC, Proparco (France) and DEG (Germany). This financing is certified under the Sustainability-Linked Financing (SLF) Framework.

To secure certification, it set two sustainability targets: one involving a progressive reduction in CO2 emissions, the other involving the Airport Carbon Accreditation programme. This is one of VINCI Airports’ very first financing arrangements of this kind, and the first time IFC, Proparco and DEG have financed airports through a SLF.

Securing the financing was a major milestone for the airports in Cabo Verde, and VINCI Airports is taking over their operation today. It will fund, operate, maintain, extend and modernise these airports over the next 40 years, alongside its Portuguese subsidiary (ANA-Aeroportos de Portugal), which will hold 30% of the concession company.

Cabo Verde welcomed 2.2 million passengers in 2022, approximately 80% of the total in 2019, and has solid potential. VINCI Airports will open new routes by promoting the archipelago’s attractive features for tourists, including its expanding hospitality sector, wide choice of sports activities and natural surroundings, and sunny winters. VINCI Airports will also roll out an environmental action plan including development of renewable energy production at airports.

VINCI Airports is taking over the 300-plus employees on the teams at the airports in Cabo Verde and will integrate them in particular by bringing in its lifelong learning programmes, sharing operational best practices and fostering women’s careers.

Integrating the airports in Cabo Verde has solidified VINCI Airports’ position as the world’s number-one private operator in its sector, with 72 airports in 13 countries.

Nicolas Notebaert, CEO of VINCI Concessions and President of VINCI Airports, declared: “we are proud of the confidence placed in us by the Cape Verdean government, which has entrusted VINCI Airports with the responsibility of supporting the country’s growth in tourism while ensuring the environmental transformation of airports. We warmly welcome our new colleagues to the network and look forward to getting to work”.