EXIM has agreed to provide $900 million in funding to Angola's Ministry of Energy and Water for the deployment of a 500 MW of utility-scale PV capacity.

“This transaction not only aligns with President Biden’s PGII initiative, but also advances EXIM’s efforts to promote clean energy exports, strengthen the US-Africa commercial relationship and support U.S. exporters and American workers facing foreign competition,” said EXIM President Reta Jo Lewis.

The projects were initially announced during the G7 summit of 2022 by the government of Angola and the two developers, AfricaGlobal Schaffer and Sun Africa.

According to the latest statistics from the International Renewable Energy Agency (IRENA), the African country had an installed PV capacity of 297 MW at the end of 2022.

By 2025, Angola hopes to reach an access rate of 65% and a total installed capacity of approximately 10 GW. Current installed capacity, however, is only 5.6 GW, although only 4.5 GW is available.