Angola obtains EUR1.29 billion power loan

The Ministry of Finance in Angola has secured a loan of EUR1.29 billion from Standard Chartered Bank, UK, to implement 48 solar photovoltic and energy storage mini-grids as well as grid expansion.

The aim is to provide support to rural areas across the country and reduce reliance on the national grid. The mini-grids will be deployed in various provinces including Moxico, Lunda Norte, Lunda Sul, Bie and Malanje, providing 100 per cent renewable energy access to 60 off-grid communities and benefiting around 203,000 households. The loan will also contribute to the expansion of the national grid in Malanje by facilitating the construction of new transmission lines and networks to connect other municipalities. Out of the total EUR1.29 billion funding, German Export Credit Agency Euler Hermes is contributing EUR1.2 billion, while the remaining EUR0.09 billion comes in the form of a commercial loan.