PCL SOLAR PLANT PROJECT
ENERGY
Information
Project description
The PCL Solar plant project seeks to establish a 50 MW Solar Farm, supplying to the national grid on a 100 hectares farm in Nkhoma - Lilongwe, central region of Malawi. Land is secured and owned by PCL in Nkhoma, Lilongwe. This is development, build, own, operate and transfer a 50MW grid-tied solar power plant at Nkhoma in Lilongwe District in Malawi. All electricity generated is for sale to Electricity Supply Commission of Malawi (ESCOM) on a 20year Power Purchase Agreement (PPA). The solar power plant will have 20-30% battery storage.
The Electricity Supply Corporation of Malawi (ESCOM) gave the project a nod to connect to the 132KV busbar at Nkhoma substation after implementation of the Malawi-Mozambique 400KV transmission interconnection project. The project through PCL has set up a special purpose vehicle and is set to conclude the power purchase agreement with ESCOM.
The promoter, Press Corporation Limited (PCL) has incorporated a new company called Press Energy to implement the project. Key project milestones have been completed, and financial closure is currently underway to facilitate construction commencement. Commercial operations are anticipated to begin by December 2025.
Press Corporation Plc is a public company incorporated in Malawi under the Companies Act 2013, and is listed on the Malawi Stock Exchange. Being the largest holding company in Malawi, PCL has interests in different sectors of the Malawi economy including financial services, telecommunications, energy, property investments, and hospitality and tourism. The highly diversified company has stakes in thirteen companies comprising seven subsidiaries, two joint venture, three associates and one minority equity investment.
Financial requirements
Total project costs are estimated at EUR51.8 million (US$56 million)
The project seeks to raise EUR3.61 million (US$39 million) in Debt and EUR7.6 million (US$8.2 million) Equity
Benefits
The project will benefit at least 43,000 households, commercial and industrial entities in Lilongwe and Dedza districts of central region of Malawi. The benefits will also include the Southern Africa Development Community including South Africa, United Republic of Tanzania, Zambia and Zimbabwe through the Malawi – Mozambique transmission interconnector.
Contact
Press Corporation Limited
PO Box 1227
Blantyre
MALAWI
Mr. Wasili Asi, General Manager, Press Properties Limited
- wmfungwe@presscorp.com
- companysec@presscorp.com