Phanes Group, a Dubai-based solar developer with operations in Africa has raised $67 million to construct a solar power plant in Nkhotakota, Malawi. This sum was raised for electricity generation in the country.
Electricity generation is one of the major challenges affecting the Africa continent, including Malawi. The country’s growing population at a 2.9% rate without a corresponding growth in the energy and power sector is the reason for epileptic power supply.
A report shared by Scielo noted that nearly 84.7% of the rural population in Malawi do not have access to electricity. Only a meagre 20% have access to hydropower in the country. The new solar power plant seeks to resolve this issue.
The solar plant will be one of the first solar-powered plants in Malawi to generate about 40MW of electricity. This will be fed into the national grid through the Electricity Supply Commission of Malawi, ESCOM.
Also, Phanes Group will work in conjunction with responsAbility Renewable Energy Holding to aid the construction of the solar power plant.
Before the recent funding round raised by Phane to construct the power plant, the company won a tender to develop a 40MW solar power plant in 2017. There was also the Salima Solar power project and 26MW Golomoti Solar power project.
With the construction of the power plant, we are hopeful that the electricity condition of the nation will increase considerably.
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