The Export-Import Bank of the United States (EXIM) has approved a direct loan for more than US$900m to the Ministry of Energy and Water of Angola to support the construction of two solar PV power plants in the country with a total capacity of 500 MW.
The solar projects are expected to help Angola meet its climate commitments: in its updated NDC (2021), the country sets a target to reduce its GHG emissions by up to 15% in 2025 and 21% in 2030 as compared to a BAU scenario. With financial support, it could further reduce its emissions by 25% and 36% in 2025 and 2030, respectively.
Hydro accounts for 51% of Angola’s capacity mix, with 3.7 GW at end-2021, followed by oil (31%, 2.3 GW) and gas (17%, 1.2 GW).
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