Ministry of Finance of Angola

Angola Solar - ECA/DFI Backed Financing

Industry
Power/PV solar
Area of finance
Export & Agency Finance
Country
Angola

Deal Overview

ING Bank N.V. (ING) signed a financing package of EUR 640m with the Ministry of Finance of Angola acting as Borrower to provide full funding for 7 solar projects in Angola. ING acted as Original Lender and Arranger in an EKN covered export credit facility agreement with an aggregated facility amount...

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ING Bank N.V. (ING) signed a financing package of EUR 640m with the Ministry of Finance of Angola acting as Borrower to provide full funding for 7 solar projects in Angola. ING acted as Original Lender and Arranger in an EKN covered export credit facility agreement with an aggregated facility amount of EUR 560m and repayment tenor of 18 years of which Swedish Export Credit Corporation (SEK) has taken assignment in capacity as Lender. Development Bank of Southern Africa (DBSA) acted as Lender and ING as Arranger in a DFI direct loan of EUR 80m with a repayment tenor of 12 years which complements the EKN covered export financing. 

The Angola solar project portfolio consists of 7 solar projects in Angola which were developed by Sun Africa LLC as Developer and will be constructed by M. Couto Alves S.A. as EPC Contractor with the Ministry of Energy and Water of Angola acting as Importer. The involvement and strong support of the Swedish agencies EKN and SEK in the financing of the solar projects stem from substantial deliveries coming from Hitachi ABB Power Grids Ltd and Elof Hansson International AB. The 2 largest solar projects serve to replace diesel generation on the national grid working with the hydropower dams while the 5 smaller projects are located in more re mote areas. With a total installed capacity of 370MW by way of almost 1 million solar panels, this truly is a landmark sustainable transaction.


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Deal Volume
$ 758.72m
Financial Close
26 October 2020
Sources

All Dealmakers

Philip Walsh

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Priyanka Paunrana

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Jelle Roeloffs Valk

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Eugene Kock

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