Malawi

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.

Malawi, a landlocked nation in southeastern Africa, is defined by its topography of highlands split by the Great Rift Valley and enormous Lake Malawi. The cost of solar energy there has fallen by more than 3 quarters internationally over the past decade.

Dubai’s Phanes Group together with its partner companies won the tender back in May of 2017, having beaten competitors from different countries. In total, 21 developers were bidding for the project.