Construction of 400kWP Commercial and Industrial (C&I) solar and 912kWh battery storage project in Mozambique is set to resume this month, with commissioning targeted for June 2021. This is after the COVID-19 related force majeure was lifted. According to Ncondezi Chief Executive Officer, Hanno Pengilly, The Project is using leading technology from Tesla, JA Solar and ABB for the battery pack, solar panels and inverters respectively.
“This is the first of our pipeline of green energy C&I assets to near completion and is expected to provide near term revenue for the Company. Although the impact of COVID-19 delayed the Project delivery timetable, the demand for sustainable energy solutions that provide increased energy security whilst also reducing costs has become more robust. Corporates globally are implementing aggressive net zero emission reduction policies which are outpacing Government targets by up to 20 years,” he said.
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The largest fully off-grid solar and battery storage project in Mozambique
“Ncondezi’s early entry into this sector in 2019 has positioned it to take advantage of this with what is believed to be the largest fully off-grid solar and battery storage project in Mozambique. I believe this is an innovative, new high growth sector which complements our baseload power project and one in which we can become market leaders in a relatively short time frame,” he added.
A US $500,000 Bridge Loan term sheet has been put in place by certain of the Company’s Directors to provide sufficient capital to complete construction and commission the C&I Solar Battery Storage Project. The Bridge Loan will be provided directly to Ncondezi Energy‘s wholly owned subsidiary, Ncondezi Green Power, and honours the prior commitments not to dilute shareholders to progress the Company’s C&I strategy.
