U.S firm, Sun Africa, to invest $1,5 billion in solar & water projects in Angola

Miami headquartered renewable energy company, Sun Africa, has signed a Memorandum of Understanding (MoU) with the government of Angola to implement solar energy and water supply projects which will be implemented at an estimated value of US$1,5 billion. 

The agreement was signed on Monday in Washington D.C, on the sidelines of a roundtable on investments in Angola, an initiative of the United States-Angola Chamber of Commerce. Angola’s minister of Energy and Water, João Baptista Borges was the signatory, and was flanked by Angola’s President, João Lourenço.

Under the agreement, Sun Africa will develop solar and water projects in the southern provinces of Angola including Cunene, Namibe, Cuando Cubango and Huíla. The agreement also includes electrification projects for all Municipal headquarters and the main communes in the Southern African country.

“The electrification will be done either through conventional solutions, with the extension of lines and the construction of substations, or using solar energy. The US is one of the leading countries in the installation of these systems, mainly in the remote regions, where this solution is the most available and accessible”, said the Angolan minister of energy and water, João Baptista Borges.

According to the minister, Sun Africa agreed to mobilise financial resources from the US EximBank to cover the needs of the projects. The execution period will soon be defined as soon as the contracts are signed.

Angola has been implementing a raft of economic reforms to boost economic growth and attract investment in an effort to diversify its oil intensive economy. The government’s crackdown on corruption found praise from institutions like the International Monetary Fund (IMF) and the World Bank.

The roundtable on investments in Angola organised by the US-Angola Chamber of Commerce saw an increased turnout from American companies which had not participated in the previous events. The president of the US-Angola Chamber of Commerce, Pedro Godinho, expressed satisfaction with the turnout.