A collection of 25 ideas are set for development into fully fledged business proposals that may see companies upscaling existing products or introducing news green business solutions to help urban and peri-urban consumers migrate into using alternative sources of green energy solutions.
Thanks to the Green Economic Transition Facility (GETF), companies have an opportunity to receive matching grant of up to $300,000 combined with technical assistance support of up to $35,000 in the first window of the GETF with three rounds of possible de-risked investments in green business solutions, supported by the Irish Embassy.
According to Chikumbutso Kilembe, of the Irish Embassy, the main beneficiaries of the GETF are urban and peri-urban households, more especially those in the low-income bracket, to be provided with alternative sources of green energy solutions which are accessible, affordable, and acceptable.
Opening a GETF proposal writing workshop in Lilongwe, Kilembe said the overwhelming response from the private sector to the call for expression of interest was testament of the “appetite and ambition of the private sector players who are willing to develop commercially viable green energy solutions that will lead to big environmental and social impact.”
Presenting next steps to the participants who attended the workshop, Tambulani Chunga, GETF Project Manager, encouraged the private sector companies to think outside the box and come up with bankable business models.
“It is important to stress that this is a performance-based grant, funding is made in arrears, i.e. after the agreed milestone has been achieved,” he emphasised.
Three banks, National Bank of Malawi, NBS Bank and Standard Bank, presented possible products accessible to the companies applying for a possible GETF co-financing support.