Financial close for 46MW Nkhotakota solar project in Malawi

Phanes Group has reached financial close on the debt backing its 46MW Nkhotakota solar project in Malawi. The project is being developed by Phanes in collaboration with European fund responsAbility Renewable Energy. The scheme benefits from a 20-year PPA with Malawi’s national utility ESCOM. Investment is $67 million with OPIC contributing the debt financing. The project was awarded in May 2017 following an international tender and the first phase is expected to complete by March 2020. Natsons is the local development partner.