- InfraCo Africa Ltd (InfraCo) signed an agreement to sell its 25% stake in Golomoti JCM Solar Corporation Ltd to Old Mutual Infrastructure Investment Trust Fund (Malawi) which sits within Old Mutual Investment Group’s Alternative Investments capability.
- Old Mutual Malawi’s involvement will be beneficial in reducing currency exchange risk on the project whilst attracting future investment into the country’s renewable energy sector.
Commissioned in 2022, the 20MW solar plant at Golomoti in Dedza District, approximately 100km south-east of the capital Lilongwe, has a 5MW Battery Energy Storage System (BESS). When built, Golomoti’s BESS was the first grid-connected, utility-scale hybrid solar BESS in sub-Saharan Africa. Made possible by support from Innovate UK’s Energy Catalyst and RINA, the BESS serves to stabilise the plant’s delivery of renewable energy to Malawi’s national grid. JCM Power and InfraCo, together with additional grant funding from PIDG, have worked closely with the neighbouring Pitala community, to provide reliable and safe drinking water access to over 2,000 people through the installation of nine boreholes. Additional projects under JCM’s Corporate Social Responsibility and Livelihood Restoration programs include training and provision of inputs for sustainable agricultural initiatives, the construction of a community grain storage warehouse and investments in both education and local health care facilities. JCM Power are also demonstrating the value of agrivoltaics through growing chillies, bee-keeping and grazing sheep under the solar panels.
The signing aligns with Malawi’s strategic vision as set out in Malawi 2063 – Transforming our nation. The vision emphasises the importance of developing bankable infrastructure projects – specifically around renewable Independent Power Producers (IPPs) – which can attract private investment and meet the growing energy needs of customers in Malawi, and neighbouring countries.
The deal will be finalised in August, and JCM Power will continue to operate the Golomoti Solar plant with Old Mutual Malawi appointing a director to the company board.
