Ncondezi (“The Company”) is an African power development company with an advanced staged, integrated 300MW thermal coal power plant and mine project located in the Tete Province, Northern Mozambique.
In July 2019 Ncondezi signed a Joint Development Agreement with China Machinery Engineering Corporation (“CMEC”) and technology partner General Electric (“GE”). Delivery of first power onto the Mozambican grid is targeted by 2023 through a 25 year offtake agreement to meet existing demand. The Company is focused on providing reliable, affordable and accessible baseload energy which will secure against the effects of water drought and intermittency of new renewables. The 300MW power plant will be equipped with state-of-the-art emission controls technologies to be complient with OECD guidelines and meet the most stringent emission standards set by the IFC/World Bank.
Ncondezi’s power project is closely aligned to the Mozambican Government’s stated objective of accelerating the electrification of the country and expanding access to electricity. Mozambique is the largest exporter of power to South Africa and yet only 35% of the country is currently electrified. The 300MW Project will help Mozambique maximise the potential of its resources creating direct and indirect jobs, in-country beneficiation, contributing to the economic development of the country’s industrial and consumer bases and most importantly advancing social upliftment.
In April 2019 the Company announced a proposed Joint Venture with GridX Africa Power Development to enter into the Commercial and Industrial ("C&I") renewable and battery storage sector and in October 2019 announced their first investment in an off grid solar battery project. The move into the C&I solar and battery storage sector offers a significant opportunity for the Company to complement the existing large-scale baseload power project and access near-term low-risk annuity income streams which have significant growth potential.
The Company is listed on AIM under the ticker symbol: NCCL.