Angola, Shoals & UGT's Solar Pact

May 06, 2025

Key Figures & Findings: Key Figures & Findings: Shoals Technologies Group (NASDAQ: SHLS), a Tennessee-based leader in electrical balance of system (EBOS) solutions, has entered into a Memorandum of Understanding with UGT Renewables to collaborate on up to 12GW of global solar projects. The initial phase of this collaboration targets Angola, where two solar photovoltaic (PV) projects with a combined capacity of 600MW are planned. Financed by the U.S. Export-Import Bank (EXIM Bank), these projects aim to enhance electrification and provide clean water access in Angola's Southern Provinces.

Statistics & Insights: The solar projects in Angola are expected to electrify 60% of the country's population and supply clean water to over 1.1 million people. Also, Shoals' EBOS solutions are anticipated to play a crucial role in these developments.

Future Implications: This partnership could significantly boost the adoption of renewable energy in Angola and similar emerging markets. The projects are scheduled to commence in 2025, potentially setting a precedent for future collaborations in sustainable infrastructure development.