Euler Hermes to back €1.29bn financing for Angolan solar infrastructure development

(Bizcommunity, Cape Town, 31 July 2023) Standard Chartered plans to provide the Angolan Ministry of Finance €1.29bn in financing to construct solar photovoltaic electricity distribution infrastructure. The financing is backed by German export credit agency Euler Hermes. Of the €1.29bn total, €1.2bn is supported through Euler Hermes and the remaining €0.09bn is a commercial loan. The loan will fund 48 hybrid photovoltaic generation systems with energy storage that act as ‘mini grids’ and operate autonomously and aim to provide access to 100% renewable electricity for communities not connected to the national electricity grid.