London Stock Exchange listed Press Corporation Limited (PCL) has expanded its tentacles into hydro and solar power generation in Malawi in an effort to boost the country’s energy sector.
“We hope that in 2014 we will carry on from where we left off and that we will expand and grow the current business we are doing and also venture in new sectors such as power generation and also expand the telecommunication sector,” said PCL chairman Clement Chilingulo.
He added that the power generation will be in “both hydro and solar energy.”
PCL is the largest holding company in Malawi, and has interests in diverse sectors of the country’s economy. These include financial services, telecommunications, food and beverages, energy and consumer goods. It also has stakes in 13 companies comprising of eight subsidiaries, four joint ventures and one associate.
One of Malawi’s pressing challenges is failing to meet energy needs of various sectors in the country. Energy supplydeficiencies are common in the southern African nation. A common occurrence that causes interruptions to manufacturing and energy-driven business activities.
Malawi is endowed with a number of energy renewable resources yet utilization still remains a major challenge.
