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Ncondezi Energy announces progress in electricity project- AIM Report
12:14 CAT | 01 Mar 2019
in file CoM
The London-based company Ncondezi Energy on Thursday announced that it is making progress on concluding a binding Joint Development Agreement for its proposed 300-megawatt coal-fired power project in the western Mozambican province of Tete.
According to the company, it has held positive meetings with the liaison committee set up and chaired by the Ministry of Mineral Resources and Energy (MIREME). In a statement to investors, Ncondezi said that it had updated the committee on the work programme and timetable targetting the generation of power to Mozambique’s electricity grid by 2023.
Following these meetings, Ncondezi’s partners confirmed that the process to conclude the Joint Development Agreement can now move forward and be adopted in March.
Ncondezi’s non-executive chairman, Michael Haworth, commented: “Today’s announcement further reinforces the serious intent of all parties to deliver the Project, one of the most advanced power development projects in the region. The positive meetings with the liaison committee have set the final stage for the Company and its potential strategic partners to conclude the Joint Development Agreement, a material de-risking event for the Project which will formally set out the terms on which the Project will be developed, funded and operated”.
Ncondezi plans to eventually expand the project in stages to 1,800 megawatts.
Source: AIM
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