Angola’s Ministry of Energy and Water Angola has secured $900 million in loan from the Export-Import Bank of the United States (EXIM) to fund the rollout of two large-scale solar PV projects.
The two solar PV plants – set to be developed by U.S. firm AfricaGlobal Schaffer and U.S. project developer Sun Africa – will generate 500 MW of electricity, contributing to the reliability and decarbonization of the country’s grid network and creating 1,600 temporary and permanent jobs.
Reta Jo Lewis, President and Chair of EXIM, said the projects “will increase access to electricity in Angolan communities using clean energy technology.”
The funding marks EXIM’s largest renewable energy transaction and will boost U.S. exports of solar panels, connectors, switches, sensors and equipment to Angola.
EXIM says the development falls under efforts by the bank to promote clean energy exports, strengthen the U.S.-Africa commercial relationship and support U.S. exporters and American workers facing foreign competition, including from Chinese firms.
The development follows the recent inauguration of Angola’s first utility-scale solar power project by Azule Energy and national oil company Sonangol.
