Hanno Pengilly, chief development officer of Ncondezi Energy (LON:NCCL) says the company has “significantly progressed” the planned 300 megawatt coal-fired power station in Mozambique’s Tete region.

Speaking to Proactive Investors, he says: “We now have a major partner in the pipeline in the form of Shanghai Electric Power, which has spent 2 years doing due diligence on the project and has decided that of the African thermal coal projects in the region this is the one they want to back”.

The company has until September 30 to reach a binding agreement with the strategic investor, which Pengilly says will bring “huge amounts of credibility”.

Source: ProActive Investors