JCM Golomoti UK Limited has received a guarantee from MIGA in the amount of US$24 million for equity and shareholder loan investments for the development, construction, and operation of a new 20 MW solar photovoltaic (PV) plant in Malawi.
JCM will be protected from the risks of transfer restriction and breach of contract by the guarantees, which will be in place for a period of 20 years. The facility is the first of its kind in Malawi to incorporate a battery energy storage technology.
The PV plant adds a new source of clean energy supply and will cut carbon emissions by 45,000 metric tons over the course of its lifetime. The battery storage system with a capacity of 5 MW/10 MWh was installed and put into service at the same time as the plant. It is anticipated that the system will remain functional for a period of up to 15 years.
