Malawi President Dr. Lazarus Chakwera and the US International Development Finance Corporation have signed a $25 million (approximately K32 billion) pact.
Chakwera and the firm's Chief Executive Officer, Scott Nathan, signed the commitment letter on behalf of the US Government on the sidelines of the UN General Assembly in New York, US.
The financial resources will go towards increasing and improving the capacity of Golomoti Solar Power Project in Dedza. The $25 million is a loan from the Development Finance Corporation for the new solar photovoltaic plant in Malawi with a battery storage capacity system.
It is envisaged that upon completion, the plant will deliver 20 megawatts of electricity to the national grid directly to benefit businesses and households.
The Golomoti Solar Power Plant will include Malawi's first battery energy storage system, therefore creating a reliable energy source that will promote economic stability for Malawi's future development.
Speaking after signing the commitment letters, Nathan said they are proud to assist Malawi in unlocking 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 lives of your people," said Nathan.
The Dedza-based Golomoti Solar Power Project is part of the JCM Power and Infraco Africa, which co-developed the Golomoti solar plant. The plant started its operations in early 2022.
