- The Export-Import Bank of the United States (EXIM) has approved a direct loan for more than $900 million to the Ministry of Energy and Water of the Republic of Angola to support the construction of two photovoltaic solar energy power plants in the country.
- The project will generate over 500 megawatts of renewable power; provide access to clean energy resources across Angola; help Angola meet its climate commitments; and support exports of U.S. solar panels, connectors, switches, sensors, and other equipment.
- The transaction is estimated to support 1,600 jobs.
“We are proud to take part in this important project, which will increase access to electricity in Angolan communities using clean energy technology,” said EXIM President and Chair Reta Jo Lewis. “This transaction not only aligns with President Biden’s PGII initiative, but also advances EXIM’s efforts to promote clean energy exports, strengthen the U.S.-Africa commercial relationship and support U.S. exporters and American workers facing foreign competition.”
Related news: Angola’s renewable energy sector is now in good traction
The project,initially announced during the 2022 G7 Summit by the Government of Angola, U.S. firm AfricaGlobal Schaffer, and U.S. project developer Sun Africa, advances President Biden’s flagship Partnership for Global Infrastructure and Investment (PGII), which aims to advance digital and energy infrastructure worldwide. The transaction also falls under EXIM’s China and Transformational Exports Program (CTEP), a congressionally mandated program to support U.S. exporters facing foreign competition from China.
Author: Bryan Groenendaal