Chakwera, US firm sign K32bn pact for solar power plant

When completed, the plant will directly supply 20 megawatts of electricity to the national grid, benefiting businesses and households.

Malawi: Malawi President Lazarus Chakwera and the United States International Development Finance Corporation have agreed to a $25 million (K32 billion) loan, writes Watipaso Mzungu.

On the sidelines of the UN General Assembly in New York, Chakwera and the firm's Chief Executive Officer, Scott Nathan, signed the commitment letter on behalf of the US Government.

The funds will be used to expand and improve the capacity of the Golomoti Solar Power Project in Dedza. The Development Finance Corporation loan of $25 million is for a new solar photovoltaic plant in Malawi with a battery storage capacity system.

When completed, the plant will directly supply 20 megawatts of electricity to the national grid, benefiting businesses and households.

The Golomoti Solar Power Plant will include Malawi's first battery energy storage system, resulting in a dependable energy source that will promote economic stability and future development in Malawi.

Nathan stated after signing the commitment letters that they are honoured to assist Malawi in realising its renewable energy potential.

“I, therefore, wish on behalf of the US Government to congratulate your President and the people of Malawi for the trust and confidence the US Government has in the current administration. We hope you will maintain the course so that more support can come to better the lives of your people,” said Nathan.