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05 Apr 2019 | 08:09

Ncondezi Energy agrees to form solar JV with GridX Africa; raises £1.9m

Ncondezi Energy said it had agreed to form a joint venture with African power developer GridX Africa Development focused on building and operating captive solar and battery storage solutions.

The company said it had also raised £1.9m through a share issue to help fund the deal.

The shares in the company were issued at 6.50p each.

Proceeds would be used to pay a fee in two stages to GridX of $390k, allowing Ncondezi to enter into definitive agreements to formalise the JV.

The fee included all costs to set up the JV and would secure an exclusivity period and right of first refusal over GridX's pipeline of commercial and industrial projects.

At 8:09am: (LON:NCCL) Ncondezi Energy Limited share price was -0.55p at 7p

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