The US’ International Development Corporation (DFC) has provided a US$25 million loan for a solar-plus-storage project in Malawi with a 5MW/10MWh battery energy storage system (BESS).
The government-owned development finance institution’s CEO Scott Nathan signed the commitment letter last week (21 September) to provide the funding for the project which went online in in May.
The Golomoti Solar project pairs a 28.5MWp solar photovoltaic power plant and 5MW/10MWh BESS in southeast Malawi, although announcements describe it as a 20MW project.
The DFC’s loan comes two months after the World Bank announced it would provide guarantees for equity and shareholder loan investments into the project amounting to US$24 million.
CEO Nathan commented: “DFC’s US$25 million investment in Golomoti Solar will support a new solar energy plant in Malawi, delivering electricity to the national power grid to directly benefit Malawian businesses and communities. The Golomoti plant also includes Malawi’s first battery energy storage system, creating a reliable energy source that will promote economic stability for the country’s future development.”
JCM Power and InfraCo Africa co-developed Golomoti Solar. It is JCM Power’s second renewable energy project in Malawi, after the 60MW Salima Solar project entered commercial operation in October 2021.