(Alliance News) - Ncondezi Energy Ltd said Thursday said Thursday it has appointed new tariff advisors to help finalise the submission and negotiation process for its 300 megawatt coal fired-power project in Tete, Mozambique.
Synergy Consulting has been hired, Ncondezi said, and will help the company prepare a financial model for the project, ahead of preliminary negotiations with Mozambique's energy company Electricidade de Mocambique in December, which are taking place in Beijing.
Chief Executive Officer Hanno Pengilly said: "Finalising the financial model and tariff submission are the next key steps for the project, and we remain on track to receive all the relevant bids for input into the financial model to meet our timelines."
The company has appointed KPMG to provide tax services for the project.
Pengilly continued: "The appointment of Synergy and KPMG, strengthens our team as we move towards finalising the tariff negotiation in the first half of 2020. We look forward to the start of the financial model meetings in Beijing."
"This project supports Mozambique's energy strategy of universal electricity access by 2030. According to the World Bank, only 30% of the Mozambican population had access to energy in 2017. The Ncondezi project would provide 300 megawatts of reliable and available power helping to close the infrastructure gap of the region and serving as a catalyst for economic development," he added.
Shares in Ncondezi Energy were up 4.4% in London on Thursday afternoon at 4.75 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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