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26 Nov 2018 | 08:26

Ncondezi Energy targets completion of Mozambique power project in 2023

Ncondezi Energy said it was planning to commence commercial operations at its 300MW power and coal mine project in Tete, Mozambique in the first half of 2023.

The startup date was among a host of planned milestones included a new work programme and timetable, which had been finalised with potential strategic partners.

The schedule also foresaw key construction contracts being awarded in the first quarter of 2019, sales contracts being signed in the first quarter of 2020 and financial close being reached in the first half of 2020.

'Today's announcement represents another important step in the company's pathway to success,' chairman Michael Haworth said.

'The project is one of the most advanced power development projects in the region, and is located in an area where the effects of drought have reduced generation capacity from traditional hydroelectric power sources by up to 25%.'

At 8:26am: (LON:NCCL) Ncondezi Energy Limited share price was -0.65p at 6.2p

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