AfDB Commits $530 million to Angolan Electricity Expansion Project

The African Development Bank (AfDB) has announced that it will finance the construction of a 343 Km, 400 kV central-south transmission line in Angola. The $530 million commitment is expected to dramatically increase the distribution of clean energy between the north and south regions of the country through the expansion of power generated by renewable energy sources.

Expected to be operational in 2023, the project will increase capacity by 2,250 MW and will reduce the utilization of diesel-powered generators in the southern provinces – a major environmental pollutant. Additionally, the Angolan Government will save more than $130 million per year in diesel subsidies.

According to the AfDB, the finance agreement – approved in December 2019 by the board of directors – includes $480 million in financing from the AfDB, $50 million from the Africa Growing Together Fund, as well as a $2 billion facility sponsored by the People’s Bank of China, administered by the AfDB.

The funding will cover Angola’s first phase of the Energy Sector Efficiency and Expansion Program, which will assist the government in connecting the country’s transmission grids and address limited operational capacity within Angola’s state-owned electricity company, Empresa Nacional de Electricidade de Angola.

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