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Ncondezi Energy updates on Mozambique solar and battery project

Project construction has been put on hold pending further clarity on the impact of the coronavirus pandemic, although the firm said the commissioning timeframe for Q2 2020 was achievable should travel restrictions ease in May

Ncondezi Energy Ltd - Ncondezi Energy updates on Mozambique solar and battery project

Ncondezi Energy Ltd (LON:NCCL) has released an update on the status of its Commercial & Industrial solar and battery project in Mozambique following the effects of the coronavirus pandemic.

The AIM-listed company said project construction has been put on hold pending further clarity on the impact of the pandemic and lifting of travel restrictions, while a force majeure notice has been issued by the project offtaker due to inability to provide site access for construction at this time.

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The firm said the target commissioning timeframe for the second quarter of 2020 was still achievable should restrictions ease in May 2020 as per current government guidance.

“Putting the company's solar and battery project on hold whilst the impact of COVID-19 is better understood is a necessary action, ensuring that we adhere to Government guidelines for reducing the spread of the virus”, said Ncondezi chief executive Hanno Pengilly.

“The company is working closely with all parties involved in the Project. All major equipment is in secure storage facilities ready for future deployment when the restrictions are lifted. In the meantime we do not envisage undertaking further construction costs until the force majeure notice has been removed”, he added.

Pengilly also said that a work programme for the firm’s 300 megawatt Ncondezi project remained on track and a more detailed update on key milestones for 2020 is “expected to be released this month”.

The company’s shares were up 9.5% at 4p in late-afternoon trading on Thursday.

Quick facts: Ncondezi Energy Ltd

Price: 3.4 GBX

AIM:NCCL
Market: AIM
Market Cap: £11.05 m
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