Ncondezi Energy jumps on promising potential at Mozambique project

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Ncondezi Energy Ltd said on Monday that it believes there is potential for a grid scale solar and battery storage power project at its Ncondezi 300 megawatt project in Tete, Mozambique.

Shares in Ncondezi Energy were up 19% at 0.72 pence on Monday morning in London.

The Mozambique-based power development company explained it reached this conclusion following an interview review of the project, which confirmed that the site had favourable solar conditions and access to the Mozambique grid.

Chief Executive Hanno Pengilly says: ‘Preliminary study work has confirmed that the project site area has strong potential for a solar project plus battery storage with good solar conditions and multiple access points to the Mozambique grid. Given the large project concession area, the solar project would be deliverable without compromising the main project.

‘In addition, the company has confirmed that it can use existing Project studies to fast track a development programme, whilst also leveraging its recent experience in delivering a fully off grid solar plus battery storage system in Mozambique during the fourth quarter of 2021’.

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