British multinational bank Standard Chartered has mobilized $1.4 billion for the construction of a large-scale photovoltaic power distribution network in Angola.
The network will comprise 48 hybrid photovoltaic generation systems that will serve as mini-grids, providing clean power to over 203,000 households currently without access to the national grid.
Developed by Angola’s Ministry of Energy and Water, the power system will be implemented across 60 communities in the provinces of Moxico, Lunda Norte, Lunda Sul, Bié and Malanje.
The financing – backed by the German Export Credit Agency Euler Hermes – will also enable the expansion of the national grid in Malanje and other municipalities.
Standard Chartered stated that the system will support rural villages across the country to become more self-sufficient and less reliant on Angola’s main electricity network. The system will also help diversify the country’s energy mix, while eliminating up to 7.2 megatons of emissions.
Engineering firm MCA Group is managing the construction and project management of the system.