By Benadetta Chiwanda Mia:
Old Mutual Infrastructure Investment Trust Fund has officially signed a sale purchase agreement to acquire a 25 percent stake in Golomoti JCM Solar Corporation Ltd, previously held by Private Infrastructure Development Group (PIDG) Company, InfraCo Ltd.
Through a statement published on Tuesday, the company said the acquisition is positioned within Old Mutual Investment Group’s Alternative Investments capabilities and is expected to mitigate foreign currency exchange risks while drawing future investments into the country’s renewable energy landscape.
“The deal demonstrates Old Mutual (Malawi) Limited’s commitment to responsible investing, and supporting Malawi’s renewable energy sector as part of its diversified infrastructure portfolio while offering solid returns to investors,” the statement reads.
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The partnership will utilise PIDG’s project development initiative— InfraCo—which focuses on unlocking fresh sources of funding for sustainable infrastructure.
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Through use of public funding, PIDG de-risks infrastructure projects, collaborating with private partners to ensure high standards of health, safety, environmental and social governance and business integrity.
“InfraCo was also involved in de-risking the initial phases of the project to the point of viability, paving the way for Old Mutual’s Infrastructure Trust Fund to invest, allowing for local participation in sustainable projects in partnership with experienced players, such as JCM Power,” the statement reads.
Old Mutual also announced that the deal, which is set for completion in August 2025, will see JCM Power continue its operations of the Golomoti Solar Plant while Old Mutual Malawi appoints a director to the company’s board.
