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Ncondezi confident it can replace General Electric as technology partner if it needs to

Ncondezi said all critical project work streams, including the historical cost audit and tariff negotiations, continue to progress positively

Ncondezi Energy Ltd -

Ncondezi Energy Ltd (LON:NCCL) has noted General Electric Company's announcement that it intends to exit the new-build coal power market.

Ncondezi said it is in communication with General Electric and confirmed that it has not received any formal notification regarding plans for the Ncondezi 300MW coal-fired power project in Tanzania, for which General Electric is the technology partner, following the US firm's announcement.  

In August 2020, Ncondezi signed a term sheet with China Machinery Engineering Corporation, which confirmed CMEC's intention to be the lead investor subscribing for a 60% equity stake in the project.

CMEC will also act as the main engineering procurement and construction and operations and maintenance contractor for the construction and operation of the project.

Should the project need to replace General Electric in its role as the technology partner Ncondezi says it is confident that in conjunction with CMEC it can source a new technology partner.

It is not envisaged that such a process would have a material impact on the project, the group added.

Ncondezi said all critical project work streams, including the historical cost audit and tariff negotiations, continue to progress positively.

Quick facts: Ncondezi Energy Ltd

Price: 3.3 GBX

AIM:NCCL
Market: AIM
Market Cap: £11.54 m
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