MIGA backs solar-plus-storage project in Malawi with USD 24m

• The Multilateral Investment Guarantee Agency (MIGA) has issued 20-year guarantees of USD 24 million (EUR 23.6 m) to JCM Golomoti UK Ltd for equity and shareholder funding investments for the development, building and construction and operation of a 20-MW solar-plus-storage plant in Malawi.

The guarantees given to Golomoti JCM Solar Corp Ltd protect the independent power producer (IPP) against the threats of transfer limitation and breach of contract. They were issued in connection with a solar plant with a 5-MW/10-MWh battery storage space system.

"MIGA is pleased to sustain recurring electrification in Malawi and the initial release of solar panel storage space technology in the nation," stated Hiroshi Matano, Executive Vice President of MIGA.

In 2019, JCM likewise acquired MIGA guarantees for its investment in the 60-MW Salima solar project in Malawi.

The Southeast African country is stated to have one of the most affordable electricity access rates worldwide-- simply 11.2% in 2019-- and is aiming to get to 30% by 2030. It currently relies mainly on hydropower and manages peak demand with expensive and contaminating diesel generators.