MIGA has issued guarantees of $24 million to JCM Golomoti UK Limited for equity and shareholder loan investments into Golomoti JCM Solar Corporation Limited for the development, construction and operation of a new 20MW solar photovoltaic plant in Malawi.
The plant includes a battery energy storage system — the first in Malawi. The guarantees will extend over 20 years and protect JCM against the risks of transfer restriction and breach of contract.
“By helping to diversify the energy supply, the new plant contributes to Malawi’s transition to a low-carbon and climate-resilient economy,” said Hiroshi Matano, Executive Vice President of MIGA.
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