Attractive financing helps Angola harness the power of the sun in a 370MW solar project with substantial Swedish deliveries by Hitachi ABB Powergrids to electrify rural areas and help combat climate change.

Angola is Africa’s seventh largest nation with 30 million inhabitants and a rapidly growing economy. While the country is largely dependent on fossil fuels for its electricity generation, a new solar project – the biggest of its kind in sub-Saharan Africa, with seven facilities totalling 370MW – will greatly increase the share of sustainable energy and facilitate the switch to renewable sources.

Eighty-five percent of the project is financed with an export credit worth 560 million euro with a tenure of 18 years from the Swedish Export Credit Corporation (SEK), guaranteed by EKN and arranged by ING Bank. The project fits the recently raised ambitions of the Swedish export finance system to help combat climate change and support sustainable investments using Swedish greentech.

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