Ncondezi Energy Limited Transmission Integration Study Submission
03 August 2020 - 4:00PM
RNS Non-Regulatory
TIDMNCCL
Ncondezi Energy Limited
03 August 2020
News Release - RNS Reach
Transmission Integration Study Submission
3 August 2020: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce the submission of the
Transmission Integration Study to Electricidad de Moçambique
("EDM") for its integrated Ncondezi 300MW coal-fired power project
and coal mine in Tete, Mozambique (the "Project").
Highlights
-- Updated Transmission Integration Study has been completed and submitted to EDM for review
-- The study evaluated a number of transmission connection
options for the Project taking into account current and planned
changes to the network since the last study was completed with
EDM
-- The study will be used by EDM to provide approval on the
project transmission option to connect into the Mozambique grid
Ncondezi Chief Executive Officer, Hanno Pengilly said: "It's a
fantastic step forward that we have submitted the final draft of
the Transmission Integration Study to EDM for review. Following the
updated tariff proposal in March 2020 this report was required and
has been updated with proprietary information from EDM. The results
look encouraging and have identified a number of optimisations
which have the potential to improve transmission line cost,
strengthen the grid and facilitate future transmission expansion
plans. Tariff negotiations are continuing in parallel and are
progressing positivly. The team continue to work tirelessly to
reach our goals and we look forward to providing further updates in
due course."
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 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.
END
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