Africa-Press – Angola. Standard Chartered recently announced the availability of USD 1.4 billion to support the construction of infrastructure in the country, with emphasis on the expansion and distribution of photovoltaic energy in rural areas.
The Standard Chartered announcement, published on the “ESI Africa” page, a portal that addresses issues related to energy, states that the new generation systems will help rural villages to become more self-sufficient and less dependent on the main electricity grid in Angola.
Financing is backed by the German export credit agency Euler Hermes and contractor MCA Group manages the construction of the project.
The electrification project being developed by the Angolan Ministry of Energy and Water, which shares information from the bank, will benefit around 203,000 households, corresponding to around one million Angolans, in 60 communities that have already been identified.
At country level, the provinces of Moxico, Lunda Norte, Lunda Sul, Bié and Malanje were selected.
Of the amount available, part will be used to finance 48 hybrid systems of photovoltaic generation with energy storage that will act as “mini-grids” and will operate autonomously, in addition to providing access to 100% renewable electricity for communities not connected to the electricity grid. national.
In addition, the funding will support the expansion of the national network in Malanje and build new lines and networks connecting other municipalities, says the document.
The bank hopes that the installation of the new electricity grid will help diversify the country’s energy matrix, allowing for savings of up to 7.9 megatons of CO2 emissions.
Cláudia Conceição, CEO of Standard Chartered Bank Angola, said that the commitment to sustainable development and support to communities in the transition to renewable energy is reflected in the company’s financing of solar-powered electricity infrastructure in Angola.
In turn, Edna Schöne, member of the Executive Board of Euler Hermes, said that the project is not only of crucial importance for Angola and sub-Saharan Africa, but will also help to reduce greenhouse gas (GHG) emissions.
“We are pleased that many small and medium-sized German companies are involved in this project and will contribute to its success with their technology and know-how,” he guaranteed.
This transaction follows the recent announcement of USD 263 million in ECA-backed funding for the Government of Angola to build new infrastructure, supporting the country’s agricultural industry and transport network.
Another amount was USD 165 million in Social Loan funding for the Angolan Ministry of Finance to build a new hospital in Kilamba, with a specialist burns ward.
In September 2021, the Bank also announced funding of USD 1.1 billion to develop critical water supply infrastructure to serve the Angolan capital, Luanda.
Headquartered in London, Standard Chartered Bank Group has operations in over 70 countries.
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