Angola secures £1.3bn for rural solar projects

Africa's transition away from CO2 emissions is progressing as African nations invest in renewable energy. The Angolan government has secured a EUR 1.29 billion ($1.40 billion) loan to build a photovoltaic electricity distribution infrastructure for several rural regions across the country.

Funded by the German Export Credit Agency Euler Hermes and the British bank Standard Chartered Plc (LON:STAN), the project will see the construction of 48 hybrid photovoltaic generation systems with energy storage that will serve as “mini grids” and operate autonomously to provide renewable electricity to approximately 203,000 households in 60 communities. In addition, it will facilitate the expansion of the national infrastructure in Malanje, Northern Angola, and the construction of new lines and networks connecting other municipalities.

The project is expected to have a positive impact on the economy. The construction and operation of photovoltaic generation systems will generate employment opportunities, contribute to the region's employment expansion and economic growth, and increase the efficiency and reliability of the national grid. In addition, the government hopes that this initiative will attract private investment in renewable energy, paving the way for additional sustainable development in Angola and the surrounding area.