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Ncondezi Energy promotes Hanno Pengilly to chief executive

Pengilly was chief development officer since May 2012 and has led key partnering negotiations for Ncondezi.

Ncondezi Energy Ltd - Ncondezi Energy promotes Hanno Pengilly to chief executive
Pengilly highlighted a "significant opportunity" exists to provide power solutions in Africa

Ncondezi Energy Ltd (LON:NCCL) has appointed Hanno Pengilly as its new chief executive as it moves its Mozambique power generation project to the next stage.

Pengilly has been Ncondezi’s chief development officer since May 2012 and as such has been responsible for the company’s key project milestones including the delivery of the power plant and mine feasibility studies.

Since 2017, Pengilly has led the strategic partner process which culminated in the signing of a binding joint development agreement in July this year and Ncondezi highlighted he has been key in negotiations with the Mozambique government and state power utility Electricidade de Moçambique.

READ: Ncondezi Energy signs long-awaited joint development deals

"Hanno's appointment to the board as CEO is an important milestone in providing confidence for the company's future,” said Michael Haworth, Ncondezi chairman.

“The appointment outlines Hanno's commitment to the company and comes at an important time following the signing of the JDA and as the board implements its strategy to finalise the power tariff submission to EDM and move the Ncondezi Project forward."

Pengilly, meanwhile, added: “Energy growth is critically important for Africa as a key catalyst for economic development.

“Ncondezi is uniquely positioned to take advantage of baseload power generation development in Mozambique at an important time for the country.

“I'm excited to be stepping into the role of CEO which represents a great opportunity to lead the company and create value for shareholders.

“The company's 300MW Ncondezi project is one of the most advanced baseload power plant projects in Southern Africa with market leading co-development partners.”

He further highlighted: “it is clear that a significant opportunity exists to provide off grid solutions in Africa.

“To this end, Ncondezi's developing position in the African captive solar and battery storage sector through the proposed Joint Venture with GridX Africa Development, offers a strategic approach to a new growth market.

“I look forward to meeting investors in my new position as CEO and am confident that we have the right team to complete our objectives and achieve meaningful results"

Quick facts: Ncondezi Energy Ltd

Price: 5.35 GBX

Market: AIM
Market Cap: £17.39 m

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