In a significant stride towards enhancing Angola’s energy landscape, Abu Dhabi’s clean energy company, Masdar, has revealed plans to construct a 150-megawatt solar power plant. The project, set to be located in Angola’s Quipungo region, aims to bring electricity to 90,000 homes, aligning with the country’s target to achieve a 60% national electrification rate by 2025.
The venture is the result of a concession agreement signed with Angola’s Ministry of Energy and Water, emphasizing Masdar’s commitment to environmental sustainability. Once operational, the solar unit is expected to annually reduce carbon emissions by over 224,000 tonnes, a feat equivalent to removing 50,000 cars from the roads.
Beyond its environmental impact, the solar project is poised to invigorate the local economy by creating 600 jobs during its construction phase. This aligns with Masdar’s dedication to supporting Angola’s broader goals, as highlighted during the COP28 climate summit.
Masdar’s commitment to Africa’s renewable energy sector extends beyond Angola. Through partnerships with Infinity Power and Africa50, Masdar is actively identifying and scaling clean energy projects across the continent. As an anchor partner of the UAE-led Africa Green Investment Initiative, Masdar is mobilizing $10 billion in clean energy finance, with a focus on equity and project finance.
The Angola project is part of Masdar’s broader commitment, announced in January, to develop 5 gigawatts of renewable energy projects across Angola, Uganda, and Zambia. Mohamed Al Ramahi, Chief Executive of Masdar, highlighted the pivotal role of renewable energy in unlocking Africa’s economic potential. “Developing renewable energy capacity is the key to unlocking Africa’s enormous economic potential, and Masdar is excited to be playing a major part in this effort,” he stated.
Masdar’s venture into Angola’s solar landscape represents not only a substantial contribution to national electrification but also a beacon of sustainable progress, symbolizing a brighter, cleaner future for the African continent.
Photo (solar financed)
By: Montel Kamau
Serrari Financial Analyst
3rd December, 2023
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