Potential for Significant Solar & Battery Project
09/05/2022 07:00
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RNS Number : 6993K Ncondezi Energy Limited 09 May 2022
News Release
Potential for Significant Solar and Battery Project
9 May 2022: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM:NCCL)
provides an update on its strategic review on the integrated Ncondezi 300MW
power project in Tete, Mozambique (the "Project").
· The Board has concluded an internal review on the Project and
believes there is potential for a grid scale solar plus battery storage power
project at the Project site (the "Solar Project")
· Preliminary studies confirm the Project site enjoys favourable
solar conditions and access to the Mozambique grid
· Potential to streamline Solar Project development and costs
through utilisation of existing Project studies
· Solar Project feasible without compromising delivery of the main
Project
· Solar Project represents a significant opportunity to unlock
additional value to shareholders
Ncondezi Chief Executive Officer, Hanno Pengilly said: "Whilst the Company
continues working closely with its strategic partner, China Machinery
Engineering Corporation ("CMEC"), to gain further clarity on financing for the
Project, the Board has carried out a review of other potential opportunities
to unlock shareholder value. Preliminary study work has confirmed that the
Project site area has strong potential for a solar project plus battery
storage with good solar conditions and multiple access points to the
Mozambique grid. Given the large Project concession area, the Solar Project
would be deliverable without compromising the main Project. In addition, the
Company has confirmed that it can use existing Project studies to fast track a
development programme, whilst also leveraging its recent experience in
delivering a fully off grid solar plus battery storage system in Mozambique
during Q4 2021.
The Board believes that the Solar Project brings a unique opportunity to
unlock significant value to shareholders and broaden the Company's investment
appeal. Further updates will be made as the development strategy and
engagement with key counterparties progresses."
Enquiries
For further information please visit www.ncondezienergy.com or contact:
Ncondezi Energy Hanno Pengilly +27 (0) 71 362 3566
Scott Mathieson, Edward Thomas, Kane Collings +44 (0) 20 3100 2000
Liberum Capital Limited
NOMAD & Joint Broker
Novum Securities Limited Colin Rowbury +44 (0) 20 7399 9427
Joint Broker
Elizabeth Johnson +44 (0) 777 56 55 927
Pimlico Advisory Ltd
Investor Relations
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon publication of this
Announcement and such information is now considered to be in the public
domain. The person who arranged for the release of this announcement on behalf
of the Company was Hanno Pengilly.
About Ncondezi Energy
Ncondezi is an African power development company with an advanced staged,
integrated 300MW thermal coal power plant and mine project located in the Tete
Province, Northern Mozambique.
The Company is focused on providing reliable, affordable and accessible
baseload energy to Mozambique and secure against the effects of water drought
and intermittency of new renewables. This project supports Mozambique's energy
strategy of universal electricity access by 2030. According to the World Bank,
only 30% of the Mozambican population had access to energy in 2017. The
Ncondezi Project would provide 300MW of reliable and available power helping
to close the infrastructure gap of the region and serving as a catalyst for
economic development.
The power plant will be designed to be equipped with state-of-the-art
emissions controls technologies that will reduce local air pollutants,
minimizing the plant's impact on the environment and ensuring its compliance
with the most stringent emission standards.
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