Angola receives a loan for the construction of two solar photovoltaic power plants from an America-based bank to boost its energy capacity. US Exim Bank is providing a $900 million loan to the Angolan government for the construction of two solar power plants. The two power plants will have a combined capacity of 500 MWp.
These two solar farms are an initiative of the Angolan government, in partnership with American companies AfricaGlobal Schaffer and Sun Africa. Additionally, Sun Africa has vowed to spend $1.5 billion in Angola’s water and energy sectors from 2021. Moreover, Sun Africa objects to making these investments in the southern provinces of Cunene, Namibe, Cuando Cubango and Huíla.
The two solar plants will resemble the Kom Ombo solar power plant, whose modules will be supplied by LONGi. Additionally, the Kom Ombo plant has had 174.8 GW installed capacity since 2018. China supplies 60% to 70% of the world’s solar panels, according to the Futura-Sciences platform including the Kom Ombo plant.
Also Read: 35 MWp Quilemba Solar Photovoltaic Plant in Angola in the offing
Expectations of the two solar power plants towards achieving green energy
The $900 million loan to Angola aligns with President Joe Biden’s Global Infrastructure and Investment Partnership (GIIP). Additionally, the project progresses US Exim Bank’s efforts to sponsor clean energy exports and strengthen U.S.-Africa trade relations.
Moreover, the project supports U.S. exporters and workers facing foreign competition as reported by Reta Jo Lewis. Importantly, Reta Jo Lewis is the current Chairman of the Board of US Exim Bank.
Importantly, Angola intends to bank on this energy to develop its economy. Additionally, Angola is 56% dependent on hydroelectricity (out of an installed capacity of 6,143 MW), according to Power Africa. Once completed, the two solar power plants will create many direct and direct employment opportunities for the locals of Angola.
