Page 17 - AfrElec Week 30 2022

AfrElec RENEWABLES AfrElec

MIGA backs construction of 20MW

solar photovoltaic plant in Malawi

MALAWI A World Bank Group member has issued guar- said Hiroshi Matano, Executive Vice President
antees of $24mn to an independent power of MIGA according to the statement on July 22.
producer (IPP) for equity and shareholder “By helping to diversify the energy supply, the
loan investments in a new 20MW solar park in new plant contributes to Malawi’s transition to a
Malawi. low-carbon and climate-resilient economy.”
According to a release by the Multilateral At 11.2% in 2019, Malawi’s electricity access
Investment Guarantee Agency (MIGA), the new rate is among the lowest in the world. About 75%
plant will help reduce 45,000 tonnes in carbon of the existing generation capacity is dependent
emissions and includes Malawi’s first battery on hydropower, which, MIGA says, makes the
energy storage system. country vulnerable to the impacts of climate
MIGA issued the guarantees to JCM Golo- change and leads to frequent and lengthy black-
moti UK Limited (JCM) for equity and share- outs. Also, peak demand is being managed by
holder loan investments into Golomoti JCM using expensive and polluting diesel generators.
Solar Corporation Limited for the development, “Support from MIGA has been a key aspect
construction, and operation of the solar photo- of advancing our projects in Malawi,” said Chris-
voltaic plant in Malawi. tian Wray, CEO of JCM Power, parent company
The guarantees will extend over 20 years and of JCM Golomati UK Limited. “The partnership
protect JCM against the risks of transfer restric- makes it possible for independent power pro-
tion and breach of contract. ducers like JCM Power to deliver projects that
“MIGA is pleased to support ongoing elec- have a positive impact on the renewable energy
trification in Malawi and the first deployment of sector in Africa.”™
solar battery storage technology in the country,”

Week 30 28•July•2022 www. NEWSBASE .com P17