According to a statement by the United States Embassy,  the US and Malawi governments have signed an agreement that will bring $36.7 million in Overseas Private Investment Corporation (Opic) loans to build a 26 megawatt (MW) solar power facility in Nkhotakota District.

The solar power facility will be one of the first two projects spearheaded by Independent power producers, a private sector breakthrough in Malawi and a top goal of the MCC’s first Compact.

In the statement, the US Ambassador, Robert Scott, stated that financing the solar project will more private sector investments from international finance institutions. “The US private sector is committed to Africa. Whether US firms are exporters to the continent, source goods and services from Africa, or invest in its burgeoning markets, they are in this relationship for the long haul,” Scott said.