The World Bank has committed US$512 million to Angola to finance an expansion of the Cambambe hydropower project.
The funding, provided by the World Bank through its Multilateral Investment Guarantee Agency (MIGA), is a 13-year credit facility.
The money will pay for a 700 MW expansion that is being called the Cambambe 2. HydroWorld.com reported in April that Voith Hydro had been awarded a $130 million contract to supply four generators and turbines for the project.
"Harnessing the country's significant hydropower potential will provide an affordable and sustainable source of electricity to underpin Angola's efforts to build a more resilient and diversified economy," World Bank official Laurence Clarke said.
The Cambambe 2 project will be located on the Kwanza River and will also benefit from financing from Russia, HSBC Bank, Societe Generale and BHF-Bank Aktiengesllschaft.
For more news from Africa, visit here.