Angolan solar sector expansion
Angola's solar sector to grow with EXIM bank's $900 M loan for two 500 MW solar plants and Standard Chartered bank's €1.29 B loan for 48 hybrid solar PV installations.
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Angola, Luanda: Angola’s solar sector to grow with EXIM bank’s $900 M loan for two 500 MW solar plants and Standard Chartered bank’s €1.29 B loan for 48 hybrid solar PV installations.
Angola has been approved major financial commitments to build utility-scale and distributed solar power throughout the country. This funding furthers the country’s National Development Plan 2018-2022, with the target of generating 700 MW of the total energy mix from renewables by 2025, and solar power being identified as key to improving energy access.
Export-Import Bank of the United States (EXIM) approved an over $900 M direct loan to the Angolan Ministry of Energy and Water. The funds will support the construction of two solar PV power plants in Angola.
According to the bank, both plants “will generate over 500 MW of renewable power; provide access to clean energy resources across Angola; help Angola meet its climate commitments; and support exports of U.S. solar panel mounting systems, connectors, switches, sensors, and other equipment.”
The project being developed by the Government of Angola, U.S. firm AfricaGlobal Schaffer, and U.S. project developer Sun Africa.
EXIM President and Chair Reta Jo Lewis noted that the bank is “proud to take part in this important project, which will increase access to electricity in Angolan communities using clean energy technology.”
Also, Standard Chartered bank announced the provision of €1.29 B in financing to the Angolan Ministry of Finance to construct solar PV mini grids. The loan will be used to finance 48 hybrid solar PV generation systems plus storage. These systems will provide energy access for communities not connected to the national electricity grid.
The Angolan Ministry of Energy and Water is developing the project, while the engineering procurement and construction (EPC) contractor is MCA Group.
About 1 M people in 203,000 households will benefit from the project. The mini grids will help rural villages to become “more self-sufficient and less reliant on Angola’s main electricity network.”
The funds will also support grid expansion in Malanje with new lines and networks connecting it to other municipalities.
Source: Energy&Utilities
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