DFC Commits $25 Million Loan for Golomoti Solar, Expanding Renewable Energy Generation and Storage in Malawi
22nd Sep 2022
NEW YORK – U.S. International Development Corporation (DFC) Chief Executive Officer Scott Nathan today signed a commitment letter for a $25 million loan to support the Golomoti Solar project, a 20MW solar photovoltaic power plant and 5MW/10MWh battery energy storage system in southeast Malawi. His Excellency Dr. Lazarus McCarthy Chakwera, President of the Republic of Malawi, witnessed the signing at a meeting on the sidelines of the UN General Assembly.
“I grew up in rural Malawi, where there was no electricity, and I didn’t even experience an electrified facility until I was a teenager,” said His Excellency Dr. Lazarus McCarthy Chakwera, President of the Republic of Malawi. “But that was over half a century ago. The fact that there are still Malawians living in those powerless conditions today is a tragedy we must correct, and I am grateful to the DFC for its partnership in this noble endeavor, because an investment in energy supply is not a hand out, but a hand up.”
“DFC’s $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,” said DFC CEO Scott Nathan. “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.”
“We are proud to assist Malawi in unlocking its renewable energy potential and to be the industry’s market leader in the country,” said Christian Wray, CEO of JCM Power. “With the support of partners like DFC, projects like Golomoti are achievable.”
With DFC’s support, the new solar photovoltaic plant is the first utility-scale grid-connected project in Malawi with a 5MW/10MWh battery energy storage system included in the plant. Located at Dedza, approximately 100km southeast of Malawi’s capital, Lilongwe, the plant is connected to the adjacent Golomoti substation which provides much-needed power to Malawi’s national grid.