Ncondezi Energy Limited has announced that its maiden Commercial and Industrial (C&I) 400kWP solar and 912kWh battery storage project in Mozambique is on track. According to the company, the construction site has been cleared with solar panel installation set to start in early April.
Moreover, the company said that all material equipment including solar panels and Tesla Power Pack have cleared Mozambican customs and are awaiting final transportation to site. “The US $500,000 bridge loan full form agreement between wholly owned renewables subsidiary, Ncondezi Green Power, and certain Directors of the Company are at an advanced stage and due to be finalised in the coming weeks,” it added.
The bridge Loan is being provided to finance the balance of construction costs to commission the battery storage project in Mozambique. It is expected to constitute an AIM Rule 13 related party transaction. The company also confirmed that target Project commissioning is still on track for June 2021.
400kWP solar and 912kWh battery storage project
Ncondezi Chief Executive Officer, Hanno Pengilly said last month that the Project will utilize 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.