- Voltalia and the International Finance Corporation (IFC), the private sector arm of the World BankGroup, have signed a mandate to arrange financing for the Dwangwa project in Malawi (55 megawatts of solar power and 10 megawatts of storage).
- Under the mandate that was signed, IFC will carry out a due diligence and explore the possibility of funding the project.
The signing took place during a visit by IFC Managing Director, Mr. Makhtar Diop, to Voltalia’s headquarters in Paris in February 2023. The meeting was an opportunity to review the joint projects of IFC and Voltalia and to discuss the prospects for further collaboration around renewable energy development in the countries where IFC operates.
The Dwangwa project combines a 55 megawatt solar power plant with a 10 megawatt battery storage unit. The electricity will be sold through a 20-year long-term sales contract with the state-owned Electricity Supply Corporation of Malawi Ltd, the state owned power transmission and distribution company.
The innovative project will have a particularly important positive impact on local development: it represents almost 10% of the installed capacity in the country, where less than 15% of the population has a connection to the electricity grid.
Author: Bryan Groenendaal