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The Export-Import Bank of the United States of America (US Exim Bank) has approved a $900 million loan to the Angolan Ministry of Energy and Water. The financing is intended for the construction of two solar photovoltaic power plants with a combined capacity of 500 MWp and the first of its kind for the development of renewable energy in Africa.
The Export-Import Bank of the United States of America (US Exim Bank) has approved a $900 million loan to the Angolan Ministry of Energy and Water. The financing is intended for the construction of two solar photovoltaic power plants with a combined capacity of 500 MWp and the first of its kind for the development of renewable energy in Africa
The $900 million loan to Angola is not only in line with President Joe Biden’s Global Infrastructure and Investment Partnership (GIIP), but also advances US Exim Bank’s efforts to promote clean energy exports, strengthen U.S.-Africa trade relations, and support U.S. exporters and workers facing foreign competition, explains Reta Jo Lewis, Chairman of the Board of US Exim Bank. The Washington-based financial institution is also providing this financing as part of the China and Transformational Exports Program (CTEP), a programme mandated by the US Congress to support American exporters facing competition from China. And in the solar market, Chinese companies are leading the way, supplying equipment throughout Africa and elsewhere in the world. The largest solar power plants in operation, or currently under construction, notably in South Africa and Egypt, are equipped by Chinese manufacturers.
Read Also:
https://trendsnafrica.com/portuguese-prime-minister-in-angola/
https://trendsnafrica.com/a-new-photovoltaic-solar-power-plant-is-coming-onstream-in-angola/
In the case of the Kom Ombo solar power plant, whose modules are supplied by LONGi. When it comes to solar energy, China is by far the biggest market, with 174.8 GW of installed capacity in 2018, and supplies 60% to 70% of the world’s solar panels, according to the Futura-Sciences platform. Angola, which is banking on this energy to develop its economy, is 56% dependent on hydroelectricity (out of an installed capacity of 6,143 MW), according to Power
