The Angolan government has received 1.44 billion US dollars to develop solar energy to power rural areas

The Ministry of Finance of Angola has obtained 1.29 billion euros from Standard Chartered Bank to finance the construction of 48 hybrid photovoltaic systems in Moxico Province, Lunda Norte, Lunda Sul, Bié Province and Malange provinces of Angola.

The total capacity of the microgrid system is 296 megawatts of solar energy, and the energy storage of lithium-ion batteries is 719 megawatt hours. The project will be implemented within 36 months. MCA will manage and build the project. The financing of 1.29 billion euros is supported by the German export credit agency Euler Hermes.

Based on the consumption levels of 48 sites, we estimate the LCOE of all systems to be between 0.153 euros/kilowatt hour and 0.275 euros/kilowatt hour. A spokesperson for MCA stated that this not only considers photovoltaic power generation, but also the storage capacity of all 48 sites. In terms of the cost per kilowatt hour for consumers, Angola's tariff regulations are mandatory. According to the type of consumer, a given price per kilowatt hour will be charged, and the electricity price in Angola is subsidized.

At the beginning of June, the Export–Import Bank of the United States provided loans to the Ministry of Energy and Water Resources of Angola for the deployment of two large-scale Solar power station with a total installed capacity of 500 MW. According to the latest statistics of the International Renewable Energy Agency, by the end of 2022, Angola's photovoltaic installed capacity is 297 MW. By 2025, the goal of this African country is to achieve a 65% access rate and a total installed capacity of approximately 10 gigawatts. However, its current installed capacity is only 5.6 gigawatts, and the actual usable capacity is only 4.5 gigawatts.