Export-Import Bank of the United States Approves More Than $900M for Solar Energy Project in Angola
WASHINGTON –The Board of Directors of the Export-Import Bank of the United States (EXIM) today approved a direct loan for more than $900 million to the Ministry of Energy and Water of the Republic of Angola to support the construction of two photovoltaic solar energy power plants in the country. The project will generate over 500 megawatts of renewable power; provide access to clean energy resources across Angola; help Angola meet its climate commitments; and support exports of U.S. solar panel mounting systems, connectors, switches, sensors, and other equipment. The transaction is estimated to support 1,600 jobs.
“We are proud to take part in this important project, which will increase access to electricity in Angolan communities using clean energy technology,” said EXIM President and Chair Reta Jo Lewis. “This transaction not only aligns with President Biden’s PGII initiative, but also advances EXIM’s efforts to promote clean energy exports, strengthen the U.S.-Africa commercial relationship and support U.S. exporters and American workers facing foreign competition.”
The project -- initially announced during the 2022 G7 Summit by the Government of Angola, U.S. firm AfricaGlobal Schaffer, and U.S. project developer Sun Africa -- advances President Biden’s flagship Partnership for Global Infrastructure and Investment (PGII), which aims to advance digital and energy infrastructure worldwide. The transaction also falls under EXIM’s China and Transformational Exports Program (CTEP), a congressionally mandated program to support U.S. exporters facing foreign competition from China.
EXIM’s Board of Directors also approved two additional transactions for congressional notification during today’s meeting, including more than $200 million in financing for SunExpress Airlines and two Financial Institution Buyer Credit policies totaling $400 million to Citibank International Plc and Credit Agricole CIB for a short-term credit facility for Trafigura Pte.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of overall U.S. debt. Learn more at www.exim.gov.