Convalt signs Lesotho deal for integrated energy push

Convalt Energy Inc.has signed a binding Memorandum of Agreement with the Government of Lesotho to explore the development of renewable energy and digital infrastructure projects in the country

Under the proposed framework, Convalt US plans to develop up to 1.2 GW of power generation capacity, around 4.6 GW of solar energy projects, including both ground-mounted and floating solar installations, up to 4 GWh of battery energy storage systems (BESS), and support the development of a large-scale data centre.

Hari Harry Achuthan, CEO of Convalt Energy, said the company has been repositioning its strategy toward integrated infrastructure solutions tailored for AI-driven and energy-intensive sectors.

He added that the company is expanding its capabilities by leveraging the development and manufacturing expertise of its leadership team, and is moving across the value chain from infrastructure development and advanced manufacturing, particularly in solar, to data centre infrastructure. He said the partnership with Lesotho aims to deliver clean energy, employment opportunities and broader economic development.

The progression of the project is subject to standard development requirements, including feasibility assessments, permitting, financing arrangements, regulatory approvals and final project agreements. The Lesotho project entity is expected to be housed under Convalt International, a proposed holding structure for the company’s international assets, pending completion of corporate and regulatory processes.

Projects under Convalt International may incorporate products manufactured by Convalt US where commercially viable and are expected to be financed through a mix of equity investment, multilateral development finance institutions, strategic partners and international project finance structures.

If the project proceeds successfully and all technical, commercial and regulatory conditions are met, Convalt US may supply solar modules for the development. Preliminary estimates suggest deliveries could begin as early as Q4 2028 and continue over several years, although no binding supply agreements have been signed and final terms may differ significantly from current expectations.

The statement also notes that it contains forward-looking information based on current assumptions and projections, which are subject to risks and uncertainties that could cause actual outcomes to differ materially.