Angola Gets $1m Investment for Renewable Energy
Image: ESI Africa
Independent Power Producers (IPPs) in Angola will receive a $1m investment to develop its renewable energy sector. The grant, issued by The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank, is in aid of encouraging private sector investment for renewable energy projects.
Besides the strong focus on investments, SEFA will work with IPPs to improve profitability of projects, capacity-building issues by providing technical assistance on project procurement, contract design implementation and monitoring.
The Angolan government has a long-term plan to supply 60 percent of the country’s population with electricity by 2025. Furthermore, 70 percent of this supply will be in the form of renewable energy.
Amadou Hott, African Development Bank’s Vice President for Power, Energy, Climate Change and Green Growth said in a statement: “This project will enable and stimulate investments through IPPs in the Angolan renewable energy sector.”
The Angolan government approved a Renewable Energy Strategy in 2015, which focuses on the access to energy services, improving energy efficiency and the increase of renewable energy.