The Export-Import Bank (EXIM) – the official export credit agency of the United States — is providing a $1.6 billion direct loan to support the development of 65 solar mini-grids in Angola. The funding will be directed towards capital market company ING Capital, clean energy firm Sun Africa Contact online >>
The Export-Import Bank (EXIM) – the official export credit agency of the United States — is providing a $1.6 billion direct loan to support the development of 65 solar mini-grids in Angola. The funding will be directed towards capital market company ING Capital, clean energy firm Sun Africa and construction company Omatapalo.
The solar infrastructure – all of which will be equipped with energy storage facilities — will be situated across four provinces in southern Angola. Providing an off-grid solution to remote communities, the projects aim to improve access to electricity as well as clean drinking water.
EXIM President and Chair Reta Jo Lewis stated that the loan "underscores our firm commitment to championing renewable energy projects, supporting U.S. exporters doing business in sub-Saharan Africa, deepening our economic relationship with Angola and advancing President Biden’s Partnership for Global Infrastructure initiative."
The Board of Directors of the Export-Import Bank of the United States (EXIM) has approved an unprecedented $1.6 billion direct loan to fund the construction of 65 solar photovoltaic mini-grids with energy storage facilities in Angola. This transformative project, involving ING Capital, Sun Africa, and Omatapalo, is set to significantly enhance access to electricity and potable water in four southern provinces of Angola, regions that have previously had limited access to these essential services.
The new solar mini-grids will power water collection, treatment, and purification systems, addressing critical needs in areas with scarce access to clean drinking water and reliable electricity. This initiative is expected to positively impact the health, education, and social wellbeing of the local population, fostering improved living conditions and supporting sustainable development in the region.
EXIM President and Chair Reta Jo Lewis expressed pride in the approval, highlighting the project''s alignment with the bank''s commitment to advancing renewable energy and supporting U.S. exporters. "Today''s approval underscores our firm commitment to championing renewable energy projects, supporting U.S. exporters doing business in sub-Saharan Africa, deepening our economic relationship with Angola, and advancing President Biden''s Partnership for Global Infrastructure (PGI) initiative," Lewis stated.
The $1.6 billion transaction is a significant boost to the Biden-Harris Administration''s PGI initiative, which aims to promote sustainable and inclusive infrastructure projects globally. Additionally, it falls under EXIM''s China and Transformational Exports Program (CTEP), designed to support U.S. exporters facing competition from China.
The project is estimated to support approximately 3,100 U.S. jobs, demonstrating the broader economic benefits of the initiative. It marks a major step in enhancing renewable energy infrastructure while strengthening bilateral ties between the U.S. and Angola.
Solar mini grids are expected to take an important role in the fulfilment of Angola''s rural electrification goals.
(i) Overcoming barriers to financing and conceiving financing solutions adapted to mini grid projects risk profiles;
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