Malawi solar project of 20 MW secures fin backing

Solar modules. Featured Image: Jackiso/Shutterstock.com

December 14 (Renewables Now) - The African Trade Insurance Agency (ATI) announced today it has supported the financing of the 20-MW Golomoti Solar project in Malawi by providing liquidity cover via its Regional Liquidity Support Facility (RLSF).

The particular project was jointly developed by Canadian clean energy independent power producer (IPP) JCM Power Corporation and InfraCo Africa Limited, part of the Private Infrastructure Development Group (PIDG). Thanks to support from Innovate UK, Golomoti Solar will be the first commercial-scale solar plant in Malawi to include battery storage. The capacity of that component will amount to 5 MWh.

Upon completion, the solar plant will sell power to national power utility Electricity Supply Corporation of Malawi Ltd (ESCOM) under a 20-year power purchase agreement (PPA).

Golomoti Solar thus becomes the fourth project to benefit from a cover under the RLSF, which was created in 2017 to help tackle climate change. So far, the facility has helped projects totalling 108.5 MW to reach financial close. Among those is another scheme developed in Malawi by JCM Power and InfraCo Africa -- the 60-MW Salima solar photovoltaic (PV) plant that was inaugurated just recently.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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