Ncondezi Energy Limited Partners Confirm Project Unaffected (2147A)
September 28 2020 - 1:00AM
UK Regulatory
TIDMNCCL
RNS Number : 2147A
Ncondezi Energy Limited
28 September 2020
News Release
Partners Confirm Project Unaffected
28 September 2020: Following the announcement on the 22
September 2020 Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) has held discussions with GE Steam Power
("GE") and China Machinery Engineering Corporation ("CMEC")
regarding the Ncondezi 300MW power project (the "Project") and
confirms it has not received any notice of change to the Joint
Development Agreement ("JDA") signed in July 2019.
In the event that a new technology partner is required, CMEC has
put in place a contingency plan and compiled a preferred list of
partners who are familiar with the Project. CMEC has indicated that
such a process would take 1 month to complete if required.
In the meantime there is no change to the timeline for critical
Project work streams, including the historical cost audit and
tariff negotiations, which are progressing positively.
Ncondezi Chief Executive Officer, Hanno Pengilly said: "Having
discussed GE's announcement earlier this week with our partners, we
remain confident that any potential impact on our Project is not
material to the project outcome. It is worth highlighting that the
technology partner has no impact on the planned Project financing.
Work continues at pace across all our workstreams and we look
forward to providing further positive updates on the Project in the
coming weeks."
CMEC President, Fang Yanshui said: "CMEC reiterates its
commitment to the Ncondezi Project and intention to be the lead
strategic investor and main EPC and O&M contractor for the
power plant and mine. In the event that a new technology partner is
required, CMEC is confident that a replacement can be put in place
without impacting critical work streams such as the tariff
negotiations and project financing. CMEC has strong relationships
with the world's leading technology partners in this sector, some
of which have worked with Ncondezi in the past as part of previous
EPC processes, and more recently to benchmark our current
technology proposal."
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited Scott Mathieson, Edward Thomas, +44 (0) 20 3100
NOMAD & Joint Broker Kane Collings 2000
Novum Securities
Limited +44 (0) 20 7399
Joint Broker Colin Rowbury 9427
Pimlico Advisory
Ltd +44 (0) 777 56 55
Investor Relations Elizabeth Johnson 927
Note:
The information contained within this announcement in relation
to the proposed Placing and Subscriptions is deemed by the Company
to constitute inside information as stipulated under the Market
Abuse Regulation ("MAR"). Upon the publication of this announcement
via Regulatory Information Service ("RIS"), this inside information
is now considered to be in the public domain. If you have any
queries on this, then please contact Hanno Pengilly, Chief
Executive Officer of the Company (responsible for arranging release
of this announcement) on +27 (0) 71 362 3566.
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
In 2019, the Company entered into the Commercial and Industrial
("C&I") renewable and battery storage sector and in October
2019 announced its first investment in an off grid solar battery
project. The Company has also secured the right to fund a US$5.5m
C&I project development pipeline in Mozambique through a
Relationship Agreement with a C&I developer. The move into the
C&I solar and battery storage sector offers a significant
opportunity for the Company to complement the existing large-scale
baseload power project and access near-term low-risk annuity income
streams which have significant growth potential.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFSEAEIRFII
(END) Dow Jones Newswires
September 28, 2020 02:00 ET (06:00 GMT)
Solgenics (LSE:SGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Solgenics (LSE:SGN)
Historical Stock Chart
From Apr 2023 to Apr 2024