EXIM US’ over $900 million loan for 500 MW in Angola; Sun King & Citi arrange $130 million securitization transaction to support solar home products Kenya; LONGi to supply solar modules for Egypt’s 200 MW AC Kom Ombo PV project.
$900 million for Angola solar project: The Export-Import Bank of the United States (EXIM) has announced its largest renewable energy transaction to date, with the approval to a direct loan for more than $900 million to support the construction of 2 solar PV projects in Angola. The project will generate over 500 MW renewable power. The loan will be given to the Ministry of Energy and Water. EXIM said the project will provide access to clean energy resources, help Angola meet its climate commitments and support exports of US solar panel mounting systems, connectors, switches, sensors and other equipment. The project was initially announced during the 2022 G7 Summit by Angola government, US firm AfricaGlobal Schaffer and US project developer Sun Africa. It is one of the flagship projects under G7 backed Partnership for Global Infrastructure and Investment (PGII), Back then, Sun Africa was planned to deploy 728 MW of utility scale solar PV, solar mini-grids with battery storage, home power kits and potable water in Angola (see US To Support 728 MW Solar PV In Angola).
$130 million for solar home products in Kenya: Africa and Asia focused solar home energy company Sun King and US bank Citi have announced a ‘first-of-its-kind, bank-led and entirely Kenyan-Shilling denominated’ $130 million sustainable securitization transaction. Arranged by Citi, the transaction is supported by various development finance institutions and commercial lenders from 6 countries. Sun King said through this transaction, future payments of customers’ for solar products bought on credit will be securitized and funded by investors. This, it added, helps expand access to finance for Kenyans to purchase green, affordable solar systems.
“Over one billion people live off the reliable electric grid. This number is projected to rise. This securitization could be key to unlocking the extensive capital needed to fund solar energy initiatives at the scale the climate crisis requires,” said Sun King Co-Founder Anish Thakkar.
Chinese modules for Egypt project: China’s LONGi will supply its high efficiency mono PERC bifacial solar modules to the Kom Ombo Solar Project in Egypt under a contract with Zhejiang Thermal Power Construction. The 230 MW DC/200 MW AC project is developed by ACWA Power. A consortium of China Power Engineering Consult and Zhejiang Thermal Power from the China Energy Engineering Company (CEEC) are providing EPC services. LONGi says the project will generate enough clean power for 130,000 households and eliminate 336,000 tons of carbon emissions annually.