Ncondezi Energy Ltd. said Tuesday the tariff submission for its Ncondezi 300 megawatt coal-fired power project in Tete, Mozambique remains on track for early first quarter of 2020.
The African power development company said it also expects target tariff negotiation finalization during the first half of 2020.
Ncondezi said updated engineering, procurement & construction and operations & maintenance bids have been received by the project “strategic partners” and are now under review.
Indicative debt financing terms for the project have been received, Ncondezi noted.
Hanno Pengilly, chief executive officer, said: “The project remains on track to deliver a formal tariff offer to Electricidade de Moçambique in early first quarter of 2020.”
“The Ncondezi project is one of the most advanced development stage baseload power projects in Mozambique, which would provide low cost reliable 24 hour power whilst meeting the strictest emission standards.”
The Ncondezi plant has been included on a list of “key” infrastructure projects in the country, compiled jointly by the governments of Mozambique and China, the company noted.
Ncondezi Energy shares were up 0.8% in London at 6.30 pence each on Tuesday.