MyHydro US to Invest in Malawi’s Energy Sector
Leading United States (US) off – grid hydro power electricity giants MyHydro has announced plans to invest in Malawi’s energy sector.
To be supported by US Government and fully owned and run by Malawian women, the company will be called MyHdro Malawi.
The development follows a virtual meeting between President Dr. Lazarus Chakwera and Chairman of Invest Africa, Paul Hinks, few months after taking over power in 2020.
Speaking at the just ended high level Intergenerational Dialogue on Generation Equality and Women’s Leadership in Africa Conference in Lilongwe, Hinks said MyHydro Malawi will deliver affordable electricity to Malawians as well as to commercial consumers at very competitive prices.
Hinks explained that time has come for Malawi to reclaim it’s place as one of the leading destinations on the African continent.
“I am therefore announcing today that we will be working with a group of women from Malawi and the United States will join forces as the owners of a new local power development company called MyHydro Developments Malawi.
“This company will be searching for off – grid opportunities to supply affordable power to communities across the country and it will collaborate with other players in the energy sector,” he added.
“MyHydro in New York will provide MyHydro Malawi with whatever resources and support it needs for it to successfully launch it’s operations in Malawian.”
Hinks also revealed to have had an audience with Chakwera on the sidelines of the conference where he promised to assist the country to increase foreign direct investment.
Who is Paul Hinks?
Founder and Chief Executive Officer of Symbion Power, LLC who has spent his life in the power industry where he has been responsible for the construction of power plants, transmission lines and substations. His career spans 30 years working in the USA, Africa, the Middle East and Asia.
In 2010,his company Symbion Power was awarded two large U.S. government-funded contracts building distribution lines and substations throughout Tanzania. The following year, he successfully negotiated Symbion’s acquisition of a 120MW power plant in Dar es Salaam, thereby concluding Symbion’s first power asset acquisition.
Today, the company is one of the United States’ largest owners of power assets in Africa with new investments in Rwanda, Kenya and Madagascar.
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