Ncondezi Energy Limited (LON:NCCL) has selected a preferred financial advisor to prepare the project financial model and finalise tariff submission for its integrated 300MW coal fired power project and coal mine in Tete, Mozambique.
In a statement, the AIM-listed company said it has appointed Synergy Consulting to move the project forward and drive the negotiation process with Electricidade de Moçambique (EDM).
It has also appointed KPMG Auditores e Consultores S.A. to provide tax services related to the project financial model.
The company said the kick-off meetings with strategic partners, advisors and lenders to start financial model update and tariff finalisation are being held in Beijing in December 2019, with key inputs to update the financial model and tariff on track to be received by end of December.
It pointed out that EPC and O&M bid submissions from project strategic partners are also expected in December, following completion of due diligence process by strategic partners, and target tariff negotiation finalisation is expected during the first half of 2020.
Ncondezi’s chief executive officer, Hanno Pengilly commented: "Finalising the financial model and tariff submission are the next key steps for the Project and we remain on track to receive all the relevant bids for input into the financial model to meet our timelines.”
“The appointment of Synergy and KPMG, strengthens our team as we move towards finalising the tariff negotiation in H1 2020. We look forward to the start of the financial model meetings in Beijing’, he added.