June 22, 2024
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RENEWABLE ENERGY

US, Angola Finalise Deal on Energy Expansion with $1.3B Investment

The United States and Angola have finalized funding agreements for three infrastructure projects totaling $1.3 billion, as part of the cross-border Lobito Corridor initiative.

Supported by the Partnership for Global Infrastructure and Investment (PGI), these agreements underscore a joint commitment by the G7 nations to bolster private investment in global infrastructure endeavors.

Among the projects are two solar plants, each capable of generating 500 MW, set to integrate into Angola’s national grid.

Spearheaded by renewable energy firm Sun Africa, these ventures are backed by $872 million in financing from the Export-Import Bank of the US (EXIM), aimed at providing electricity to over three million Angolans upon completion.

The $450 million Acrow Bridge project, involving the construction of 186 bridges across Angola, receives financial support from EXIM, the Private Export Funding Corporation, and Standard Chartered Bank.

Lastly, the Angola FM Radio Signal Expansion and Studio Modernization Project, with a budget of $40 million, seeks to extend analog FM radio coverage to 95% of Angola’s population.

Supported by US-based GatesAir Technology, this initiative includes the provision and installation of 168 Flexiva FM transmitters, along with upgrades to antennas, towers, auxiliary RF systems, and studio facilities nationwide.

These agreements constitute the largest US-backed PGI financing package extended to any country globally.

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