The UK Export Finance (UKEF) has announced the release of $172.2m (£140m) to finance new development projects in Angola, including $101.6m (£82.6m) which will support Glasgow-based utility contracting service IQA install new electricity infrastructure in Northern Angola.
The project is part of the Angolan government’s efforts to enhance electricity supply which will provide 7,000 Angolan homes with electricity.
UKEF’s head of civil infrastructure and energy Adam Harris says: “These are the first projects that UKEF has supported in Angola, and [they] are priorities identified by the Angolan government. The first projects with any new customer always take the longest to come to fruition because it takes time to build up an understanding of each other’s requirements and ways of working.”
IQA’s project will be focusing on building five new transmission lines and upgrading sub-stations in the Kwanza Norte Province of Angola.
IQA’s managing director Antonio Henarejos said: “This is a second IQA contract in Angola supported by UKEF and their help is critical to our ambitious plans for international growth. We’re delighted to be delivering this project, which will improve power provision in Angola and support Scottish jobs.”
The Angolan Governments’ Angola Energy 2025 vision project focuses on three essential steps: evaluating the potential of all industrial projects in the country, identifying sites connected to the national grid and choosing an appropriate model to reach the country’s electrification target of 60%. By 2025 the plan aims to have 7% of the Angolan population supplied by decentralised generation and the rest by grid extension.