The project has the backing of Chinese investors and the Mozambican government.
Ncondezi Energy Ltd is making good progress towards the completion of the financial model for the development of its power project in Mozambique, according to chief executive Hanno Pengilly.
“I am pleased to report that the project finance model is at an advanced stage and nearing final sign off by the company and its partners,” said Pengilly.
“The signed off financial model will form the basis for a formal tariff offer submission to Electricidade de Moçambique which is targeted for the end of March 2020. The company and its partners are focused on delivering a competitive tariff offer in line with previously agreed tariffs in Mozambique, supported by an attractive financing package from one of the world largest banks.”
Meanwhile, the company’s first project in the off-grid solar and battery storage sector is progressing, with installation work expected to commence at the end of this month.
Pengilly also updated on the current restructuring of the shareholder loan, which has been delayed due to a loan holders’ internal approval processes which have been outside of the company’s control.
Source: Proactive Investors
