Press Energy Signs Historic Deal with ESCOM

Press Corporation Leads Malawi’s Renewable Energy Revolution

Blantyre, 17th December 2024 – Press Corporation Plc (PCL), Malawi’s leading conglomerate, has launched the country’s first large-scale solar energy project through its subsidiary, Press Energy Limited (PEL). This groundbreaking initiative was marked by the signing of a Power Purchase Agreement (PPA) with the Electricity Supply Corporation of Malawi (ESCOM).

Located in Nkhoma, Lilongwe, the 50-megawatt solar project will inject clean, renewable energy into the national grid, addressing the country’s persistent energy challenges. With an investment of $55.1 million, this is Malawi’s first locally driven solar energy project, showcasing the potential of homegrown innovation and commitment to sustainability.

The project aligns with Malawi’s energy diversification strategy by reducing dependence on hydropower, which is increasingly affected by climate change. ESCOM will purchase the solar-generated electricity for national distribution, enhancing energy security and reducing load shedding.

“This project represents a major step forward in Malawi’s transition to cleaner and more sustainable energy,” said Ronald Mangani, CEO of PCL. “By increasing the share of solar power in our energy mix, we are reducing the country’s carbon footprint, boosting economic growth, and improving energy reliability for all Malawians.”

The Malawi Energy Regulatory Authority (MERA) has played a crucial role in facilitating this landmark initiative. MERA’s Director of Finance, Zacharia Ng’oma, lauded the project’s alignment with national energy policies and its contribution to the global climate agenda.

ESCOM’s CEO, Kamkwamba Kumwenda, highlighted the project’s transformative impact: “This agreement allows ESCOM to diversify its energy sources and stabilize power supply for our growing customer base.”

The solar project underscores PCL’s dedication to Environmental, Social, and Governance (ESG) principles, creating jobs, fostering skills development, and advancing sustainable growth. “This initiative is not only about meeting energy demands but also setting a benchmark for environmentally sustainable development in Malawi,” added Mangani.

The successful PPA signing heralds the start of construction and signals a new chapter in Malawi’s energy sector. With this project, PCL is paving the way for future renewable energy investments, reinforcing its commitment to a greener, more resilient future for the nation.

In terms of the Listings Requirements of the Malawi Stock Exchange, a listed company is required to publish a trading statement as soon as there is a reasonable degree of certainty that the financial results for the period to be reported upon next will differ by at least 20% from that of the previous corresponding period.

Press Corporation PLC accordingly advises that profit after tax for the half-year ending 30th June, 2024 is expected to be higher than the previous corresponding period by between 23% and 28% (that is to say, between MK42.0 billion and MK43.8 billion as compared to MK34.3 billion for the previous corresponding period).

The information on which this Trading Statement is based has not yet been reviewed or reported on by Press Corporation PLC’s Auditors.

Press Corporation PLC’s financial results for the period will be published in the press after they have been reviewed and approved by the Board of Directors.

MOUREEN MBEYE
COMPANY SECRETARY

Dated this 28th day of June, 2024

Conglomerate Press Corporation plc (PCL) on Friday gave an early Christmas gift to the elderly in Mpemba, Blantyre by donating food packs and treating them to a Christmas luncheon.

Speaking during the event at Nthanda Ya Kummawa Elderly Trust at Jiya Village, PCL Chief Finance and Administrative Executive Moureen Mbeye said they decided to reach out to the elderly after being approached for help.

Conglomerate Press Corporation plc on Thursday donated various medical equipment to the Blantyre District Health Office to help save lives during the festive period.

The items included oxygen cylinders, oxygen concentrators, oxygen regulators and nasal tubes.

Press Corporation plc (PCL) and Cane Products Limited (CPL) have announced that they have amicably resolved the longstanding shareholding issues in PressCane Limited which have been litigated in the courts for more than 17 years.

Making the announcement during a press briefing in Blantyre on Monday, PCL Chief Executive Officer Ronald Mangani said the conglomerate is happy that all the issues have been resolved, creating an enabling environment for growing the shareholder value of PressCane Limited.

Conglomerate Press Corporation plc (PCL) on Thursday offered compensation worth K759 million to community members of Dete area at Nkhoma in Lilongwe after acquiring about 110 hectares of land to set up a 50 megawatt (mw) solar power plant at an estimated cost of K53 billion.

Presenting the cheque to the community members at Wanje Primary School, PCL Board Chairman Randson Mwadiwa thanked the community members for providing their land to pave way for the installation of the solar power plant.

strategy through mergers and acquisitions

Press Corporation plc (PCL) says it is working on an expansion strategy through mergers and acquisitions (M&As) and has lined up a number of projects to achieve the objective.

Speaking during the 39th Annual General Meeting in Blantyre on Friday, PCL chairperson Randson Mwadiwa, who reported a K36.3.1 billion profit after-tax in the year ended December 31 2022, said the group remains committed to achieving strategic priorities while navigating the broader market and economic challenges.

Press Corporation plc (PCL), through its subsidiary company PressCane Limited, has invested K11 billion in an ethanol plant which will produce high-quality potable ethanol to be used in the pharmaceutical and beverage industries, with some intended for the export market.

PCL Chief Executive Officer, Ronald Mangani, said in an interview yesterday that the ethanol plant will also have a component of Zero Liquid Discharge (ZLD) capable of producing fertilizer, bio-gas and electricity from the waste of ethanol production.

“We are in the process of upgrading our versatile ethanol plant at PressCane Limited which will enable full utilization of its production capacity of 60,000 litres of ethanol per day. This can be used for fuel blending and, more importantly, high-quality potable ethanol called ‘pharma-grade’ which can be used in the pharmaceutical and beverages industries, apart from exporting it to bring in the much-needed foreign exchange into the country,” said Mangani.

Conglomerate Press Corporation plc (PCL) is geared to set up a 50 megawatt (MW) solar power plant at Nkhoma in Lilongwe at an estimated cost of US$52.5 million (approx. K53 billion).

Press Corporation plc Chief Executive Officer, Ronald Mangani, said in an interview yesterday that, in April this year, PCL secured an approval from the Electricity Supply Corporation of Malawi (ESCOM), to connect to the 132KV busbar at its Nkhoma substation after the implementation of the Malawi-Mozambique 400KV transmission interconnection project.

Conglomerate Press Corporation plc (PCL) has posted a K36.3 billion profit after tax for the year ending 31 December 2022, which is 19 percent lower compared to the K45.1 billion recorded in the prior year.

In a financial statement signed by PCL Board Chairman Randson Mwadiwa and Chief Executive Officer Ronald Mangani, the holding company said the prior year’s performance was enhanced by a profit realized from the disposal of a 20 percent stake in Castel Malawi Limited amounting to K9.6 billion.

“When this extraordinary item is excluded, the Group’s profit after tax grew by 2 percent over prior year,” reads the statement in part.