Export-Import Bank of the United States (“EXIM”) announced an application for final commitment for a long-term loan of upwards of $1 billion to expand its exposure to solar development schemes in Angola.
Omatapalo, Inc an Angloan construction firm will lead the construction of 65 solar mini grids with energy storage facilities, and the expansion of existing electrical grid distribution networks.
Items being exported include solar panels, connectors, switches, sensors and other equipment and design and engineering services for the construction of 65 solar mini grids, an associated water collection, treatment and distribution system, and network expansion.
In announcing its being named Exim's "Business of the Year" in October 2023, the Omatapalo-SunÁfrica consortium stated that this second portion of Exim financing brings the total committment to $2 Billion.
The project, initially unveiled during the 2022 G7 Summit, advances President Biden’s flagship Global Infrastructure and Investment Partnership (PGII), aimed at promoting digital and energy infrastructure on a global scale.
The Portuguese-Angolan construction group Omatapalo has won billions of euros worth of state contracts with the help of its connections within the ruling party,.
The selection of the firm for the solar contract was reportedly the subject of debate within Exim and the Department of Commerce, in part for its political exposure.
Sun Africa, the Miami-based partner of Omatapalo for the first half of the project, was not mentioned in the most recent Exim announcement.
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