On Friday in Washington, D.C., the Export-Import Bank of the United States (EXIM) bestowed the “Business of the Year” award upon Omatapalo, in collaboration with the Ministry of Finance of the Republic of Angola, SunAfrica, and ING Bank LLC, during their 2023 Annual Conference.
The rationale for this distinction arises from the recognition of the impact that the joint operation conducted by the Angolan company and its American counterpart had on bolstering economic relations between the United States of America and Angola.
The Omatapalo SunÁfrica consortium secured a financing of 2 billion USD from the US Eximbank, the American state-owned bank. The initial phase of the financing, amounting to 907 million USD, was approved for the construction of two photovoltaic solar parks in Catete and Malange. The second phase is expected to conclude with financing from the American entity in the first quarter of 2024, focusing on the construction of 65 off-grid solar parks with associated battery systems and energy distribution and water supply systems in the Southern region of Angola.
Accepting this award on behalf of Omatapalo was its Chairman and CEO, Pedro Santos, while representing the Ministry of Finance of the Republic of Angola was His Excellency, the Extraordinary and Plenipotentiary Ambassador of Angola to the USA, Agostinho Van-Dúnem.
The project, initially unveiled during the 2022 G7 Summit, advances President Biden’s flagship Global Infrastructure and Investment Partnership (PGII), aimed at promoting digital and energy infrastructure on a global scale. It’s worth noting that only entities and companies meeting the stringent criteria for good governance and compliance in the USA can partake in such partnerships.
When asked to comment on the operation, various stakeholders expressed their thoughts:
“OMATAPALO had an exceptionally positive experience collaborating with the EXIM Bank to support critical development needs within Angola’s energy sector in an affordable and sustainable manner,” remarked Pedro Santos, President and CEO of OMATAPALO. “With EXIM’s support, OMATAPALO will realize the Angolan government’s objective of expanding these essential services to millions of its citizens. We take great pride in playing a significant role in this project and feel deeply honored to be recognized as EXIM’s Business of the Year.”
“I am delighted to announce this agreement as EXIM’s Business of the Year,” stated Reta Jo Lewis, President and Chairman of EXIM. “This agreement is not only historic as the largest renewable energy transaction ever authorized by EXIM, but it also aligns with the Biden-Harris Administration’s Partnership for global infrastructure and investment priorities, advancing clean energy technology and significant infrastructure projects worldwide.”