Ncondezi Energy Limited C&I Project Update & Directors Bridge Loan (3863U)
April 06 2021 - 01:00AM
UK Regulatory
TIDMNCCL
RNS Number : 3863U
Ncondezi Energy Limited
06 April 2021
News Release
C&I Project Update & Directors Bridge Loan
6 April 2021: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) provides an update on its maiden Commercial
and Industrial ("C&I") 400kWP solar and 912kWh battery storage
project in Mozambique (the "Project") and the proposed US$500,000
bridge loan (the "Bridge Loan") previously announced on 1 March
2021 .
Highlights
-- All material equipment including solar panels and Tesla Power
Pack have cleared Mozambican customs and are awaiting final
transportation to site
-- Construction site has been cleared with solar panel
installation set to start in early April 2021
-- Target Project commissioning on track for June 2021
-- US$500,000 bridge loan full form agreement between wholly
owned renewables subsidiary, Ncondezi Green Power, and certain
Directors of the Company at an advanced stage and due to be
finalised in the coming weeks
-- Bridge Loan being provided to finance the balance of
construction costs to commission the Project
-- Bridge Loan expected to constitute an AIM Rule 13 related
party transaction and further updates will be provided in due
course
More details on the Project and Bridge Loan are available in the
Company's previous Project update announced on 1 March 2021.
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
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 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.
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