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Ncondezi Energy Ltd - Mozambique-based power development company - Says subsidiary Ncondezi Green Power Holding Ltd has launched a feasibility study for up to 300 megawatts solar photovoltaic plus battery energy storage system. It says the solar project will be based within Ncondezi mining concession in the districts of Moatize and Chiuta in Tete, Mozambique. For a 300MW plant, the company estimates a pre-money net present value of between $60 million and $65 million, and fully diluted cash flows to NGP of between $130 million and $180 million over 25 years. ‘It is the intention that the solar project will connect to the Mozambique grid with target power off-takers in Mozambique and the Southern African Power Pool,’ notes the company.
Ncondezi Chief Executive Officer Hanno Pengilly says: ‘The solar project represents a significant opportunity to further define the project and crystalise additional value for shareholders. It is uniquely positioned to leverage existing advanced stage development work from the company's 300MW thermal power project, which is expected to significantly cut development costs and accelerate project delivery with first power potentially on the grid by 2024.’
Ncondezi says the feasibility study will take about 4 months to complete. It has chosen engineering professional services consulting firm WSP Group Africa Ltd to lead the study.
Current stock price: 1.42 pence, up 83% on Friday
12-month change: down 44%
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