LONDON: Global commodities trader Trafigura has made its first investment in a solar power farm, located in Mali, as part of the company’s efforts to develop a renewable energy footprint, it said on Wednesday.
The project in Kita outside the capital Bamako will have a capacity to produce 50 megawatts (MW) of electricity when construction is completed later this year.
As part of the investment, Trafigura has acquired a 49.9% stake in the project through PASH Global, an impact investor and clean power developer, in which the Geneva-based trader has a majority stake.
Trafigura has set up an internal climate change committee as well as a power and renewables division over the last year to be part of the energy transition as banking and investor pressure grows.
The project, initially proposed by an NGO founded by Arnold Schwarzenegger, was signed in 2015 with a 28-year purchase agreement with Mali’s national power company. The farm is expected to power 91,700 households.