Ncondezi Energy Limited Submission of Market and Feasibility Studies
December 30 2020 - 2:00AM
RNS Non-Regulatory
TIDMNCCL
Ncondezi Energy Limited
30 December 2020
News Release - RNS Reach
Submission of Market and Feasibility Studies
30 December 2020: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce the submission of the
third party Power Market Outlook Study and updated Feasibility
Study (together the "Developer Studies") to Electricidade de
Moçambique ("EDM") for its integrated Nondezi 300MW coal-fired
power project and coal mine in Tete, Mozambique (the
"Project").
Highlights
-- Power Market Outlook confirms the Project as one of the most
advanced and credible baseload power supply options in Mozambique
and one of the most competitive coal projects in the region
-- Submission of the Developer Studies represents the last
outstanding requirement from EDM following submission of the
Project power tariff in March 2020
-- Meetings held in Mozambique with EDM and Government
departments to present the Developer Studies
Ncondezi Chief Executive Officer, Hanno Pengilly said: "I am
pleased to announce submission of the Developer Studies to EDM,
representing the last milestone requirement from EDM following
submission of the Project tariff proposal in March 2020.
The Power Market Outlook Study confirms the Project's strategic
importance which combined with the updated Project Feasibility
Study, demonstrates that the Project is one of the most credible
power supply options in the country capable of delivering reliable
round the clock power from 2025.
Following positive initial meetings with EDM, held earlier this
month, we expect formal feedback early in the new year.
We look forward to providing further updates on the Project
development programme to shareholders 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 nearterm low-risk annuity income
streams which have significant growth potential.
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