United States to finance 500-MW solar project duo in Angola

Jun 7, 2023 01:53 PM ET
  • The Export-Import Bank of the USA (EXIM) will certainly extend a direct car loan to back the building and construction of two solar parks in the Republic of Angola amounting to more than 500 MW.

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

Certain details about both proposed projects were not readily available.

The power originating from the photovoltaic (PV) parks will improve access to clean energy sources throughout the Southern African nation and assist it satisfy its climate goals. The construction phase is expected to open up 1,600 jobs.

Angola aims to cut its greenhouse gas emissions to 14% by 2025, 5 years earlier than originally intended, with a more 10% conditional on support. Under its national renewable resource programme, it will seek to raise accessibility to power to 60% of the populace by 2025. Renewables are anticipated to represent 70% of the total set up capacity.

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