Ncondezi on track to finalise power tariffs during H1
“The process to finalise a tariff offer for submission to EDM is well underway and on track for submission in Q1 2020,” said Chief Executive, Hanno Pengilly, commenting on the power project which epitomises one of the fastest growing sectors in Africa today.
The African-focused power development firm told investors on Friday that it is targeting a competitive tariff rate with energy group Electricidade de Moçambique, reiterating its previous January statement.
“The Company continues to work closely with its strategic partners and tariff financial advisor to achieve a competitive firm tariff offer in line with the latest agreed tariff rates in Mozambique,” said Pengilly.
The tariff financial model is on track for submission to strategic partners at the end of this month, the statement added.
Ncondezi’s project aims to provide low cost reliable 24 hour power and lies at the heart of Tete, Mozambique, a key growth market due to its richness in conventional and renewable energy sources.
Mozambique, a growing power hub, views the energy sector as critical to its country’s development and is targeting over 1,200MW of new power generation by 2023.
Pengilly, who has been involved with Ncondezi since 2010, describes the project as one of the most advanced development stage baseload power projects in the area.
“The Project is aligned with government strategy for additional baseload power on the grid by 2023 and universal energy access by 2030,” he commented.
During 2019, World Bank Group, the international financial institution, led over $730m in financing for new transmission connections in Mozambique.
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