“Ncondezi Energy has finalised a binding agreement with GridX Africa Development for a pipeline of solar and battery storage projects in the commercial and industrial (C&I) sector, it announced on Wednesday.
The AIM-traded firm said it had signed a binding relationship agreement, under which it had the right, but not the obligation, to fund a pipeline of GridX C&I solar and battery storage projects in Mozambique.
It said it had the right of first refusal to fund 100% – up from 50% – of the projects, up to a total of $5.5m.
The projects included a diversified portfolio of seven identified potential projects with a combined potential installed solar capacity of 2.8 MWp, and 4.5 MWh of battery storage.
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“This structure provides the opportunity for a phased and low risk entry point into the sector, with GridX responsible for the development and delivery of construction ready projects for investment consideration and, over time, a diversified portfolio approach spreading investment risk across multiple projects.”
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White, Josh. Sharecast 6 May 2020.