African Development Bank Granted $1 Million to Support Angola's Renewable Energy Sector

Photo from Business Report

The Angolan government has set a goal to achieve a domestic electricity penetration rate of 60% by 2025, with 70% expected to come from renewable sources.

To support this goal, the African Development Bank recently announced that it will provide $1 million in aid to support private investment in Angola's renewable energy sector.

The AfDB said the grant would be used to establish a one-stop shop unit as part of efforts to encourage private investment in renewable energy.

It will address capacity-building issues by providing technical assistance on project procurement, contract design implementation and monitoring.

Angola's government aims to expand electricity access to 60 percent of the population by 2025, with an expected 70 percent.

"This project will enable and stimulate investments through IPPs in the Angolan renewable energy sector," AfDB vice president for power, energy, climate change and green growth Amadou Hott said.

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