C.Construction of a 400 kWP solar and 912 kWh solar and 912 kWh battery storage project in Mozambique is slated to resume this month. Hanno Pengilly, Chief Executive Officer of African energy development company Ncondezi Energy Ltd, announced the report, saying the project is scheduled to go into operation in June this year.
“This is the first in our pipeline of C&I green energy assets that is nearing completion and is expected to generate short-term revenue for the company. Although the effects of COVID-19 delayed the project delivery timeline, the demand for sustainable energy solutions that provide increased energy security while reducing costs has become more robust. Corporations around the world are implementing aggressive net zero emission reduction policies that exceed government targets by up to 20 years, ”Pengilly said.
Ncondezi is an African energy development company with an advanced, integrated 300 MW coal-fired power plant and mining project in the Tete Province of northern Mozambique.
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Mozambique's energy strategy
“Ncondezi's early entry into this sector in 2019 enabled it to take advantage of what is probably the largest off-grid solar and battery storage project in Mozambique. I believe this is an innovative new high growth sector that complements our base load power project and that we can become a market leader in in a relatively short amount of time, ”he added.
Some directors of the company have set up a $ 500,000 bridge loan term sheet to provide sufficient capital to complete the construction and commissioning of the C&I solar battery storage project.
This project supports Mozambique's energy strategy of universal access to electricity by 2030. According to the World Bank, in 2017 only 30% of the Mozambican population had access to energy. The bridging loan will be made direct to Ncondezi Energy's wholly owned subsidiary, Ncondezi, Green Power, and it is honoring previous commitments not to dilute shareholders to advance the company's C&I strategy.