viewNcondezi Energy Ltd

Ncondezi Energy aims to fill power gap in Mozambique


  • Developing 300Mw power station in northern Mozambique
  • Entered commercial and industrial off-grid power sector
  • First solar/battery project due to come online in H1 2020

Quick facts: Ncondezi Energy Ltd

Price: 3.425 GBX

Market: AIM
Market Cap: £11.04 m

What it owns


The project is in the heart of Tete, Mozambique’s most rapidly industrialising region and a hub for power generation.

Total capital expenditure is expected to be US$1.1bn and once completed it will be one of the largest generation plants in the country.

In July 2019, a joint development agreement was signed with Chinese firm CMEC and US group General Electric.

Ncondezi Energy (LON:NCCL) will look to retain a 40% equity stake in the project.

On the share register are the African Finance Corporation, a specialist Africa infrastructure fund, and Polenergia that together hold approximately 30% of the company’s issued shares.

Solar Power

Separately, Ncondezi has a joint venture deal with GridX Africa Development with a view to building captive solar and battery storage solutions for commercial and industrial use.

GridX has 15 solar and battery storage projects, of which six are at an advanced stage.


How it is doing

In January, Ncondezi submitted an updated financial model for a 300MW coal-fired power station to its partners for review.

In March it submitted a tariff proposal to the Mozambican Government and state-owned Electricidade de Moçambique (EDM), the last milestone to start formal tariff negotiations with EDM, which will be completed in the second quarter.


What the boss says: Hanno Pengilly, chief executive

“The proposal is the culmination of work completed over the last nine months to confirm the project's commercial viability and the company believes it to be strongest and most attractive proposal delivered to date."

“This is a strategic project for Mozambique, targeting the provision of low cost, reliable and accessible electricity, contributing to both domestic and regional objectives to expand energy access and exports over the next three to five years."



Inflexion points

  • Finances for Ncondezi agreed and put in place
  • Permits agreed and construction gets underway in Mozambique
  • Expansion of GridX solar project
  • JDA timetable for Ncondezi


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Ncondezi Energy CEO says immediate funding risk removed and focus now is on...

Ncondezi Energy Ltd's (LON:NCCL) Hanno Pengilly speaks to Proactive's Andrew Scott following its £650,000 fundraise. He says the company now has sufficient funds to see it through to the end of the year and is well positioned to execute on its core work program.

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