The Renewable energy industries association of Malawi (REIAMA) has pledged its commitment to increase the participation of Malawians in the energy sector.
According to REIAMA, Malawi’s energy sector is dominated and controlled by foreign investors as well as influenced by donor countries a development authorities say is not good for its sustainability.
Brave Mhone, President of the association has told MIJ Online that this is among others a result of challenges in accessing finances from commercial banks for investment into the energy sector among local players.
“At the moment, there are a number of gaps beginning with the banks not being comfortable to commit funds for investment into the energy sector because they do not understand the risks in the said sector considering that this is a relatively new and developing sector. Most commercial banks are therefore not willing to commit huge sum of funds into such ventures they do not fully understand,” Mhone observed.
Mhone said it is in light of this challenge that the association is working towards minimizing risks associated with the energy sector and prove to commercial banks the bankability of the said sector and create comfort for the commercial banks to see the viability of energy projects.
To increase the penetration of local players into the energy sector, Mhone said they plan to closely work with small and medium entrepreneurs to ensure they venture inti generation as well as transmission of energy thus making their mark in the said sector
Established in 1999, the Renewable Energy Industries Association of Malawi (REIAMA) seeks to promote the production, supply, demand, exportation and importation of renewable energy technologies in the country.
