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Voltalia and IFC Sign Mandate to Finance Innovative Solar Power Project in Malawi

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Representational image. Credit: Canva

Voltalia an international player in renewable energies, and IFC (International Finance Corporation), the private sector arm of the World Bank Group, 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.

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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.

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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.

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“We are very grateful to IFC for supporting us once again. This project is strategic for Malawi and illustrative of the region where access to electricity is particularly difficult. We are proud to deliver on our local development mission with infrastructure that also improves the global environment “, says S├ębastien Clerc, CEO of Voltalia.

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