ADB backs renewables investment in Angola with USD-1m grant

The African Development Bank (ADB) said on Thursday it will provide USD 1 million (EUR 855,400) in grant financing to support private investment in Angola’s renewable energy sector.

The funds will be allocated through ADB’s Sustainable Energy Fund for Africa (SEFA) and will facilitate the creation of a one-stop shop unit named the Energy Project Implementation Support Unit (EPISU). The financing will be targeting independent power producers (IPPs) in Angola.

As part of the initiative, SEFA will act as an “enabling environment” for IPPs and public-private-partnerships and will also provide technical assistance related to project procurement, contract design implementation and monitoring, ADB said.

The government of Angola has set a goal of lifting electricity access to 60% of the country’s population by 2025, with an expected 70% to be sourced from renewables.

(USD 1.0 = EUR 0.855)

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