“Ncondezi Energy updated the market on its pipeline of solar and battery storage projects in the commercial and industrial sector on Wednesday, reporting that its wholly-owned renewable energy subsidiary Ncondezi Green Power (NGP) and Captive Power (CPL) have signed a binding relationship agreement.
The AIM-traded firm said that under the deal, it had the right – but not the obligation – to fund a pipeline of commercial and industrial solar and battery storage projects in Mozambique.
It said CPL provides power solutions for businesses in Africa, with a “strong focus” on developing projects in Mozambique, and was set up by a former GridX founder.
The CPL agreement superseded the existing relationship deal signed with GridX Africa Development in May 2020.
Ncondezi said the rights and obligations of GridX and NGP under the agreement had been suspended, but could be reinstated by mutual agreement between the parties.
As part of the suspension process, GridX had agreed to novate to CPL all commercial agreements in relation to NGP’s project currently under construction, and to release to CPL any rights in relation to five of the existing six projects in the pipeline.
Ncondezi said the projects under the CPL deal included a “diversified portfolio” of six potential projects in Mozambique, with a combined potential installed solar capacity of 2.8 MWp and 6.2 MWh of battery storage.”
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White, Josh. ShareCast 9 June 2021.