CMS Portugal advises on $1.99-billion Angola solar deal
LUANDA, June 30, 2022 – CMS Portugal and its Angolan associated law firm LBR Advogados advised on Sun Africa’s landmark USD 1.99-billion solar and water project deal in Angola, CMS announced on Thursday.
In an initiative Angola’s US embassy has dubbed “the largest mini-grid energy project in Africa,” US-based Sun Africa will develop, build and finance numerous solar energy, mini-grid and water purification projects in six Angolan provinces, providing electrification for more than 2 million people.
Sun Africa is a Miami-based developer of utility-scale solar and off-grid solutions. CMS, ranked among the top 10 global law firms, provides legal and tax advice in 44 countries.
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The project is receiving financing from the US Export Credit Agency as part of the Partnership for Global Infrastructure and Investment. US President Joe Biden hailed the collaboration in a speech at the G7 Leaders’ Summit on Sunday, calling it “a partnership that will help Angola meet its climate goals and energy needs while creating new markets for American technologies and good jobs in Angola.”
Angola has identified 16.3 GW in solar power generation potential and has made solar central in its plans to develop renewable energy, with mini-grids being vital to serve rural areas of the country.
Under Sun Africa’s initiative, solar mini-grid and water purification projects will be developed in Cunene, Cuando Cubango, Huila and Namibe, while solar energy projects will be developed in Luanda and Malange.
“It was an honor to advise on a transaction of such magnitude and importance for Angola and the Angolans, with a real and significant impact on the life and well-being of the local populations and in line with the objectives of the energy transition,” Alberto Galhardo Simões, a partner in CMS Portugal’s Lusophone Africa team, said.
“This deal also demonstrates the capacity that CMS and LBR have to provide high quality and effective advice to clients in these type of large-scale transactions on the African continent and particularly in Angola.”