European banks finance hydroelectric facility in Angola

19 December 2018

A banking syndicate made up of German bank Commerzbank and Italy’s UniCredit will grant a loan of 1.06 billion euros to Angola to finance the construction of the Caculo Cabaça hydroelectric facility, according to a presidential order.

The order, which approves the loan, said that “there is a need to guarantee financing for the supply and installation of electro-mechanical equipment for the Caculo Cabaça Hydroelectric Plant, which is included in the Public Investment Programme.”

The hydroelectric project in Kwanza Norte province, within five years will be the largest dam in Angola, generating 2,172 megawatts of electricity.

With 103 metres of maximum height, the dam will store 440 million cubic metres of water and will include a plant with four generator sets and a hydraulic circuit for a projected flow of 1,100 cubic metres of water per second.

Last October, Standard Bank Angola Chief Executive Luís Teles said the Standard Bank group and the Industrial and Commercial Bank of China (ICBC) were available to finance the construction of the Caculo Cabaça facility.

On the sidelines of a forum on the relationship between Angola and China, which analysed the current economic situation considering the new exchange policy of the National Bank of Angola, Teles said that in the last eight years Standard Bank and ICBC have financed projects in Angola and that there is a strong interest in supporting investments in infrastructure and energy. (macauhub)