Ncondezi Energy Limited Power Plant EPC Contract Signed (1851L)
September 09 2021 - 2:00AM
UK Regulatory
TIDMNCCL
RNS Number : 1851L
Ncondezi Energy Limited
09 September 2021
News Release
Power Plant EPC Contract Signed
9 September 2021: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce that the Engineering,
Procurement and Construction ("EPC") power plant contract for the
integrated Ncondezi 300MW coal fired power project and coal mine in
Tete, Mozambique (the "Project") has been signed with China
Machinery Engineering Corporation ("CMEC") at a virtual signing
ceremony.
The EPC contract confirms CMEC as the main contractor to provide
design, engineering, manufacturing, procurement, construction,
erection, installation and commissioning of the Ncondezi 2x150MW
coal-fired power station on an EPC turnkey basis. The EPC contract
is valid for 3 years and subject to standard conditions being met
before construction can start, including the achievement of
Financial Close at the Project.
Ncondezi Chief Executive Officer, Hanno Pengilly said: "We are
delighted to sign the power plant EPC contract, the main
construction contract for the Project. This represents a material
de-risking event and demonstrates the commitment of our strategic
partner CMEC going forwards.
Together with our partners we are now focused on delivering the
remaining milestones and look forward to providing further updates
in due course."
CMEC President, Mr Fang Yanshui said: "Following the recent
positive progress with all parties, CMEC is pleased to have signed
the power plant EPC contract as committed this quarter. This is an
important milestone for the Project and CMEC is committed to
working with Ncondezi to deliver the Project in the near
future."
To view the picture from the Virtual EPC Contract Signature
Ceremony please click on the following link to the pdf version of
the announcement
http://www.rns-pdf.londonstockexchange.com/rns/1851L_1-2021-9-8.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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