US to finance 500-MW solar project duo in Angola

The Export-Import Bank of the United States (EXIM) will extend a direct loan to back the construction of two solar parks in the Republic of Angola totalling more than 500 MW.

Angola’s Ministry of Energy and Water will receive over USD 900 million (EUR 842.6m) in debt for the schemes. The financing has already been greenlit by EXIM’s board of directors, the federal government export credit agency said last week.

Specific details about the two proposed projects were not available.

The power coming from the photovoltaic (PV) parks will improve access to clean energy resources across the Southern African nation and help it meet its climate goals. The construction phase is expected to open 1,600 jobs.

Angola aims to cut its greenhouse gas emissions to 14% by 2025, five years earlier than initially planned, with a further 10% conditional on support. Under its national renewable energy programme, it will seek to increase access to electricity to 60% of the population by 2025. Renewables are expected to account for 70% of the total installed capacity.

(USD 1.0 = EUR 0.936)

Choose your newsletter by Renewables Now. Join for free!