A co-located solar and storage project in Malawi. Photo: JCM Power.
The US International Development Corporation (DFC) has provided a US$25 million loan for a 5MW/10MWh battery energy storage system (BESS) solar-plus-storage project in Malawi.
Scott Nathan, chief executive of the government-owned development finance institution, last week (September 21) signed a letter of commitment to fund the project, which went online in May.
The Golomoti Solar project combines a 28.5MWp solar photovoltaic power plant and a 5MW/10MWh BESS in southeastern Malawi, although announcements describe it as a 20MW project.
DFC’s loan comes two months after the World Bank announced it would guarantee $24 million in equity and equity loan investments for the project.
CEO Nathan commented: “DFC’s US$25 million investment in Golomoti Solar will support a new solar plant in Malawi and deliver electricity to the national grid to directly benefit Malawian businesses and communities. The Golomoti plant also incorporates 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 jointly developed Golomoti Solar. This is JCM Power’s second renewable energy project in Malawi, after the 60 MW Salima Solar project entered commercial operation in October 2021.