IFC signs funding mandate for Voltalia's solar-storage project in Malawi

The International Finance Corporation (IFC) has signed a mandate to arrange financing for a 55-MW solar project with a battery storage component proposed by France’s Voltalia SA (EPA:VLTSA) in Malawi.

The World Bank Group member will conduct due diligence and explore the possibility of extending funding for the scheme, the French renewable power producer said on Tuesday.

The Dwangwa project envisages the installation of a photovoltaic (PV) park with a 10-MW battery storage system. Once in operation, the complex will sell electricity under a 20-year sales contract with the state-owned power transmission and distribution company Electricity Supply Corporation of Malawi Ltd.

According to Voltalia, the Dwangwa project’s capacity will be equal to almost 10% of Malawi’s installed power generation capacity. At present, only 15% of the landlocked southeastern African country’s population has a connection to the electricity grid.

" This project is strategic for Malawi and illustrative of the region where access to electricity is particularly difficult, " Sebastien Clerc, CEO of Voltalia.

Choose your newsletter by Renewables Now. Join for free!