By Chisomo Phiri
Press Corporation Limited (PCL) Plc on Tuesday signed the Power Purchase Agreement (PPA) with the Electricity Supply Corporation of Malawi (ESCOM ) that will see its 50 megawatts solar project added into national grid in two years.
The solar project is based in Nkhoma, Lilongwe.
Speaking during the signing ceremony at Mount Soche hotel in Blantyre, PCL Plc Chief Executive Officer (CEO) Ronald Mangani said the $55.1 million (K96.4 billion) investment through its new subsidiary, Press Energy Limited, demonstrates that domestic capital can play a meaningful role in developing the country.
Mangani who said PCL solar project will have battery technology to ensure stable supply, said their electricity would be ready in two years from now if everything goes according to plan.
On his part, ESCOM CEO Kamkwamba Kumwenda, without divulging more, said PCL tariff proposals are reasonable and doable as he commended the group for being the first local company to venture into energy sector as an Independent Power Producer.
Officials from the Malawi Energy Regulatory Authority (MERA) witnessed the signing of the agreement.
 Plc on Tuesday signed the Power Purchase Agreement (PPA) with the Electricity Supply Corporation of Malawi (ESCOM ) that will see its 50…){kind=link}