“Ncondezi Energy reports that it has completed an agreement with GridX Africa Development (GridX) to develop commercial and industrial solar and battery storage projects.
The company says that it has an initial portfolio of seven ʺprojects with a combined potential installed solar capacity of 2.8 MWp and 4.5 MWh of battery storageʺ.
The company says that the ʺInitial Project investments into qualifying projects, subject to funding, represent an annuity revenue stream potential of over US$750,000 per annumʺ.
The projects are to be funded individually taking into consideration that they should meet specific criteria, including the existence of a signed offtake agreement, the use of established proven technology, that required permits and consents are in-place and that they ʺGenerate an ungeared equity post tax IRR to Ncondezi of at least 10%ʺ.
Welcoming the agreement with GridX, Ncondezi’s CEO, Hanno Pengilly said that ʺThe Initial Project pipeline includes 7 potential projects covering a diverse range of sectors from hospitality and tourism to food and drink manufacturing and retail centres ensuring a wide range of potential offtakers and securing against any downturn in a single industry. These projects, along with our existing solar and energy storage facility currently under construction, represent a combined installation potential of 3.2 MWp of solar PV and 5.5 MWh of storage with potential revenues of over US$950,000 per annum. The Initial Projects are expected to be developed in a phased approach with no immediate funding requirements until the end of the yearʺ.”
read the entire article
Vox Markets 6 May 2020.