The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees of $24 million to JCM Golomoti U.K. Limited for equity and shareholder loan investments into Golomoti JCM Solar Corp. for the development, construction and operation of a new 20-megawatt solar photovoltaic plant in Malawi, Africa.
The guarantees will extend 20 years and protect JCM against the risks of transfer restriction and breach of contract. The plant includes a battery energy-storage system — the first in the southeastern African country.
“MIGA is pleased to support ongoing electrification in Malawi and the first deployment of solar battery storage technology in the country,” said Hiroshi Matano, executive vice president of MIGA. “By helping to diversify the energy supply, the new plant contributes to Malawi’s transition to a low-carbon and climate-resilient economy.”
Malawi has one of the lowest electricity-access rates in the world — 11.2 percent in 2019. Most of the
