Solar Land Agreement
09/01/2023 07:00
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RNS Number : 9702L Ncondezi Energy Limited 09 January 2023
News Release
Solar Land Agreement
9 January 2023: Ncondezi Energy Limited ("Ncondezi" or the "Company")
(AIM:NCCL) provides an update on its 300MW solar photovoltaic ("PV") and
Battery Energy Storage System ("BESS") project in Tete, Mozambique (the "Solar
Project").
Highlights:
· Updated land use agreement, Direito do Uso e Aproveitamento da Terra
("DUAT") received, from the Mozambican Government granting exclusive use for
solar power plant operations at preferred site
· DUAT covers an area of 950 hectares, sufficient for up to 500MW
Ncondezi Chief Executive Officer, Hanno Pengilly said: "Following confirmation
of excellent solar resources at our preferred Solar Project site location in
Tete Mozambique, we have upgraded our existing exclusive land use rights,
DUAT, for the generation of power from solar energy. This is a critical
permitting requirement for the project, reflecting both strong local support
and the expedited process we are executing since announcing the positive
feasibility study last October.
An update on our preferred transmission solution to connect to the Mozambican
grid is expected in the next 2 months. The Solar Project is strategically
positioned from a transmission perspective, having access to existing grid
networks with available capacity and multiple evacuation paths in Mozambique
and the wider Southern African region."
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
About Ncondezi Energy
Ncondezi is an African power development company focused on the development of
renewable and baseload energy solutions at its concession located in the Tete
Province, northern Mozambique.
The Company is focused on providing reliable and affordable energy to
Mozambique to meet growing energy demands. Our projects support 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. Our projects would provide reliable and available power helping to close
the infrastructure gap of the region and serving as a catalyst for economic
development.
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