ELECTRICITY SUPPLY CORPORATION OF MALAWI LIMITED (ESCOM)

POWER ALL DAY, EVERY DAY

ESCOM signs Power Purchase Agreement with Press Energy Limited

By Hopeson Kafumbwa, Public Relations Intern

The Electricity Supply Corporation of Malawi (ESCOM) Limited has signed a Power Purchase Agreement (PPA) with Press Energy Limited that will invest in a project to generate 50 megawatts of solar power.

Speaking during the signing ceremony in Blantyre on Tuesday, December 17, 2024, ESCOM Chief Executive Officer, Mr. Kamkwamba Kumwenda said the agreement would help reshape Malawi’s energy future and contribute to realisation of the country’s sustainability goals.

He, therefore, hailed Press Energy for its vision and commitment to the project.

“This 50-megawatt solar project will be a game-changer for Malawi, bringing much-needed clean and renewable energy to the national grid and ensuring greater energy security for our homes, businesses and industries,” Kumwenda said.

He said ESCOM is deeply committed to ensuring Malawi has access to reliable, affordable, and sustainable electricity, and this agreement is a crucial part of the government’s long-term strategy to diversify the sources of power generation in the country.

“By adding solar energy to our national grid, we are taking a significant step towards reducing our reliance on hydropower, which has been vulnerable to the fluctuations of weather patterns and with the increasing demand of electricity and growing need to meet the needs of a developing economy this project will help stabilize and supply of electricity,” the ESCOM CEO added.

He also praised the Malawi Energy Regulatory Authority (MERA) for their continued guidance and support, regulatory expertise that has been invaluable in making this project a reality.

“As part of our commitment to ensuring the stability and reliability of energy supply, we are integrating backup batteries into the project and these batteries will store excess energy produced during the day that will help stabilize energy generation, ensuring that we can continue to meet the country’s power demands even during times of low sunlight,” he added.

In his speech, Press Corporation Plc, Chief Executive Officer Dr. Ronald Mangani, said they are investing in the solar project to contribute to addressing national problems such as the shortage of energy in the country.

“This is the space that has been dominated by foreign investments. We thought we should move into this space and contribute significantly to the development of this country through the generation of renewable energy,” Dr Mangani said.

He said the project, apart from contributing to energy generation in the country, would also create employment, and help save foreign exchange because it is locally financed.

In his speech, MERA Director of Finance, Zacharia Ng’oma, who represented MERA CEO Henry Kachaje, said the agreement between ESCOM and Press Energy Limited is the first of its kind because previously there were only foreign companies investing in the solar energy industry.

He said MERA’s standards are equal to local and foreign investors, but the benefits of local investors are exposure and encouraging local currency transactions, hence helping the country of foreign exposure to forex variations.

Apart from Press Energy Limited, ESCOM also sources electricity from other companies like Serengeti Power Limited, Mulanje Hydro Limited, Kam’mwamba Coal Energy Limited and Egenco.

 

Share :

Facebook
Twitter
LinkedIn