By Yamikani Yapuwa
Blantyre, September 22: Five off-grid solar companies have signed a US$20 million loan and grant under the Ngwee Ngwee Ngwee Fund aimed at driving the urgent provision of solar energy access to rural communities across the country.
The companies, which are Yellow Solar, Zuwa Energy Ltd, Green Impact Technologies, Vitalite Group Energy and StarTimes Media (MW) Ltd, have been offered US$ 6 million Results-Based Financing (RBF) grant and a US$ 14 million Debt Facility to reach at least 200,000 new households with off-grid solar products in rural Malawi by June 2024.
Secretary for Energy, Engineer Alfonso Chikuni, said at the grants signing ceremony on Thursday in Blantyre that the funding will offer working capital as well as grant window for end-user subsidies.
Chikuni expressed confidence that the fund will be a game-changer for the off-grid solar market in Malawi, as it will help to bring affordable and reliable energy and create jobs and economic opportunities for many Malawians.
Chief Executive Officer for Green Impact Technologies, Admore Chiumia, said one of the challenges they have been facing is access to financing and the major barrier customers have faced is to afford the various system up-front.
Representative of Zuwa Energy Jones Mtaukira said the off-grid solar products will also help the country to do away with its reliance on kerosene as source of energy in rural areas, thereby reducing the forex burden government has been having.
Co-founder and director of Yellow Solar, Maya Khonje Stewart, said the fund brings hope to rural areas.
