InfraCo sells stake in Golomoti Solar to Old Mutual Infrastructure

Old Mutual acquired a 25% stake in Golomoti JCM Solar, a 20 MW plant with a 5 MW BESS, from InfraCo with JCM Power continuing to operate the plant.

By Prudhvi Rani 24 Feb 2025 in Market Bytes

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Old Mutual's acquisition in Golomoti Solar aims to enhance investment and stabilize foreign exchange risks in Malawi. Image Source: OldMutual

UK-headquartered InfraCo signed an agreement to sell a 25% ownership stake in Golomoti JCM Solar Corporation Ltd to Old Mutual Infrastructure Investment Trust Fund. This stake was previously held by InfraCo Ltd, a company under the Private Infrastructure Development Group (PIDG). The Golomoti solar plant is a 20MW solar power facility in Dedza District, around 100 km southeast of Lilongwe, Malawi. It also includes a 5MW Battery Energy Storage System (BESS) to store and stabilize power delivery. The acquisition aims to manage foreign exchange risk and attract investment in Malawi’s renewable energy sector. Under the agreement, JCM Power will continue to operate the solar plant, and Old Mutual will appoint a representative to the company's board. The transaction supports with Malawi's strategic vision, Malawi 2063.

#OldMutualInfrastuctureInvestmentFund #InfraCo #JCMPower #GolomotiSolarPlant #Malawi

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