By Bester Kayaye
Nyika Solar Technologies Limited, a new local player in renewable energy industry is looking for an investment partner to take up 30 percent equity shares from a US$500,000 investment into its proposed affordable solar water heaters manufacturing project.
Nyika Solar Technologies C.E.O Rev David E. Gondwe says the project is geared to promote local industrial production, increase renewable energy production and save investments in electrical power generation while reducing deforestation.
He says the company’s operations will be undertaken through its Lilongwe ofice, with sales and installation centers in Malawi, Zambia, and South Africa.
Gondwe revealed that Nyika Solar Technologies has so far already spent over US$175,000 in the technology sourcing and research for the past three years while US$20,000 has been spent during the past 1.5 years on development costs.
Meanwhile an environmental impact assessment was conducted and a certificate of approval was granted by the Environment department.
According to the CEO, the new capital expenditure of US$500,000 is required to send technicians for training in the Caribbean and pay for technology supply agreement
He added that investors or the banks will have to service a 5–7-year working capital loan of US$1,060,000.
The production of heaters is expected to reduce electricity costs, increases people’s financial savings, a development which will significantly improve their living standards
Gondwe expects that reduced power demand on the electricity networks will enable countries to supply power to the growing industrial areas of their economies, without having to invest further in new power generation capacity.
“We also eye to reduce the current practice of charcoal and firewood consumption across the Southern African region hence mitigate the negative effects of global warming that is emerging as a result of deforestation,” says Gondwe adding that the project will also be a catalyst of job creation
Gondwe believes that being centred in Lilongwe, Malawi;s capital city will boast its local and international outreach