Ncondezi Energy Limited Solar Battery Project Update
01 June 2021 - 4:00PM
RNS Non-Regulatory
TIDMNCCL
Ncondezi Energy Limited
01 June 2021
News Release
Solar Battery Project Update
1 June 2021: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to provide a further update on
progress at our maiden Commercial and Industrial ("C&I") 400kWp
solar PV plus 912kWh battery storage project located in Mozambique
(the "Project") :
-- Construction of solar panels completed
-- Tesla battery packs and inverters now on site and installation underway
-- Commissioning of the Project on track for end of June 2021
Ncondezi Chief Executive Officer, Hanno Pengilly said : "We are
delighted to announce that progress at our maiden solar PV and
battery storage project remains on track. All main equipment is now
on site following the arrival of the Tesla battery packs and
inverters last week. The solar panels are now all up and
installation of the battery packs and inverters is underway. We
look forward to commissioning later this month as we move one step
closer to our first cashflow."
Project Overview
-- 400kWp solar PV plus 912kWh battery storage project
-- Fully off-grid project, believed to be the first project of its type in Mozambique
-- Target Project commissioning in June 2021
-- Utilising market leading equipment including JA Solar panels,
ABB Inverters and Tesla Power Pack
-- Targeting generation of up to 600MWh and CO2 savings up to 517t per annum
-- 15 year fixed price offtake agreement, denominated in US$ with annual price escalations
-- Contracted revenues of US$3.1m over the life of the Project
To view the latest pictures from site please click on the
following link to the PDF version of the announcement:
http://www.rns-pdf.londonstockexchange.com/rns/3052A_1-2021-5-31.pdf
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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