"Today's announcement marks an important turning point in the history of ABB. The divestment allows ABB to focus on key market trends and customer needs such as the electrification of transport and industry, automated manufacturing, digital solutions and increased sustainable productivity. Along with equipment from Hitachi ABB Power Grids, who introduced us to the project, we have been able to source a wide range of equipment from Swedish suppliers to the project to satisfy EKN’s and SEK’s requirements for minimum Swedish interest.ABB today reached a significant milestone in the company's transformation towards a decentralized global technology company, with the completion of the divestment of 80.1 percent of its Power Grids business to Hitachi, as planned. “This project will not only boost Sweden’s export to Angola but it will also create a larger competence for Swedish companies to supply equipment and services to similar projects in the future. The result was a project where several Swedish companies, in addition to Hitachi ABB Power Grids in Sweden, supplied everything from the steel framework under the solar panels to safety equipment and furniture’s. The global business facilitator, Elof Hansson International, was then brought in and helped MCA and Sun Africa to source and facilitate discussions with suitable Swedish suppliers to the project. To ensure that SEK could finance the entire project, the Swedish share of the project’s content had to increase from its initial share. Several Swedish companies delivering equipment for the project We are delighted to have been part of this landmark sustainable project.”Įugène Kock, Director of ING Bank in Netherlands “ING Bank is very grateful for the strong support of SEK and EKN, the contracting parties and other stakeholders in our role as Arranger of a comprehensive financing package for the government of Angola that fully funds the seven solar projects.
The financing and dialogue with the borrower, the State of Angola represented by the Angolan Ministry of Economy and Finance, was arranged by ING Bank in the Netherlands which is also the agent for the transaction.
The loans extend over a long term (18 years) and the estimated construction period is two years. The total capacity will be 370 megawatts and will make a huge difference for the country’s electricity supply. The financing from SEK covers seven photovoltaic projects – two larger projects to be connected to the main grid and five smaller projects in rural areas. In addition, the cost of solar energy is lower than diesel, which will make this a good long-term investment for the country.”Ĭarlo Amado, Business Development Director of the MCA Group Long-term financing “A project of this size will not only contribute to the country’s electricity supply, it will also make a difference to, for example, schools and households, in seven locations when solar panels are built. This project will help to replace some of these diesel generators, and increase and contribute to the electrification of several local communities. The major cities are connected to the national power grid but diesel generators are generally used in rural areas to provide villages with electricity. As a result, the Angolan Ministry of Energy and Water Resources wants to increase the share of sustainable energy in the country and switch to renewable sources such as solar. Jenny Larsson, Managing Director of Hitachi ABB Power Grids in Sweden A project that makes a differenceĪngola is a country on the west coast of Southern Africa and is largely dependent on fossil fuels for its electricity generation. I’m glad that we as an anchor supplier can make this happen.” The key to success has been the early involvement of our engineering and finance experts that has been working in collaboration with MCA, EKN, SEK, Elof Hansson and others under the Team Sweden approach. We enable a stronger, smarter and greener grid in Angola. “We are proud of contributing with our latest technology and engineering knowhow. From a Swedish perspective, the business project is the successful result of constructive collaboration between many different parties within Team Sweden, ING Bank, the developer Sun Africa which is a US renewable energy company and the construction company MCA.
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