US Export-Import Bank offers $900 million for 500 MW of solar power in Angola



The Export-Import Bank of the United States (EXIM) has granted Angola’s Ministry of Energy and Water a loan for the commissioning of two large solar power plants.

“This deal not only aligns with President Biden’s PGII initiative, but also furthers EXIM’s efforts to promote clean energy exports, strengthen U.S.-Africa trade relations, and support U.S. exporters and American workers facing foreign competition,” said EXIM President Reta Jo Lewis.

The Angolan government and two developers, AfricaGlobal Schaffer and Sun Africa, initially announced the projects at the G7 summit in 2022.

According to the latest statistics from the International Renewable Energy Agency (IRENA), the African country’s installed solar power capacity was 297 MW at the end of 2022.

By 2025, Angola hopes to reach 65 percent utilization and a total capacity of about 10 GW. However, the current installed capacity is only 5.6 GW, while only 4.5 GW is available.

David is a passionate writer and researcher who specializes in solar energy. He has a strong background in engineering and environmental science, which gives him a deep understanding of the science behind solar power and its benefits. David writes about the latest developments in solar technology and provides practical advice for homeowners and businesses who are interested in switching to solar.

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